D
ubai's real estate market, where property values have skyrocketed 70% in the past four years, is now attracting a wave of new investors from Wall Street. Brookfield Corp. is considering a major development project in the Dubai Hills neighborhood, marking its first residential investment in the region. Meanwhile, a Singaporean property manager owned by Temasek Holdings Pte. is scouting for investments in the city.

    Joining them are Goldman Sachs Group Inc. and Hillhouse Investment, which have recently invested heavily in Dubai's real estate. The surge in activity has been driven by overseas buyers seeking better returns and lower taxes. In the past 24 months, Dubai recorded eight office building sales, more than in the previous decade combined.

    "The past two years have been busier for us than the whole previous decade on the capital market side," said Andrew Love of Knight Frank. Demand is growing from international buyers who are drawn to Dubai's sunny shores and liberal visa policies. The city's turnaround began after the pandemic, when it reopened earlier than others and attracted wealthy tourists and investors.

    The government's introduction of more liberal visa policies further fueled the rally. After Russia's invasion of Ukraine, many Russian billionaires moved their assets to Dubai to shield them from sanctions and tighter capital controls at home. They were soon joined by crypto millionaires and hedge fund managers lured by Dubai's low-tax regime and its strategic time zone.