Dubai luxury home market soars as world's rich flee pandemic

Foreign buyers flush with cash have flooded the high-end property market in Dubai even as vaccines roll out unevenly across the world and waves of infections force countries to extend restrictions

DUBAI, United Arab Emirates -- After nearly three decades in London, Christophe Reech was fed up with the city's pandemic lockdowns. This spring, he sold his luxury townhouse and jetted off to the desert sheikhdom of Dubai to start a new life with his family. There was no turning back, he said. The French business magnate’s super wealthy foreign friends were doing the same, driving an unprecedented surge in sales of Dubai's most-exclusive properties. “Here in Dubai, there’s only one strategy: Business as usual,” said Reech, the chairman of an eponymous group that owns real estate and financial technology companies. The philosophy is simple: “Let's make sure everyone's vaccinated and keep everything open." “Of course that attracts people like me," he said.