Costly Homes Are Popular in Dubai During the Pandemic
2021-05-17
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1Sales of costly homes have been booming in the Middle Eastern city of Dubai during the coronavirus health crisis.
2People from Europe and the United States have been moving to the city, which is one of the United Arab Emirates.
3They say it is because the city follows a "business as usual" policy.
4Christophe Reech is a wealthy French businessman who lived in London for nearly 30 years.
5But when Britain put in place restrictions because of COVID-19, he decided it was time to leave.
6In Dubai, he said, the plan for dealing with the virus is simple:
7 "Let's make sure everyone's vaccinated and keep everything open."
8"Of course that attracts people like me," he said.
9The U.A.E. is mainly using a vaccine from China to protect people from the virus.
10The country has a population of about 9 million and has provided over 10 million vaccine doses so far.
11Other vaccines from Pfizer and AstraZeneca are also available.
12Dubai reopened to tourists last summer.
13It had a sharp increase in virus cases in January.
14But, unlike some countries, not very many people in the U.A.E. died.
15The country used to be a place for rich people from the Middle East and Africa.
16Now people are coming from places like China, Russia, India and Europe.
17One reason is that it is easy to get vaccinated.
18Reech was able to get an appointment for the Pfizer vaccine as soon as he arrived.
19In London, the waiting list was four months long.
20It is also easy for foreigners to get permission to live in the U.A.E.
21The country is offering visas for people who are able to work using the internet.
22In the past, some westerners worried about moving to Dubai because of its Islamic laws.
23But recently the country changed its rules to permit people from other parts of the world to observe some of their own laws and traditions.
24For example, it used to be illegal for men and women who were not married to live together.
25These changes made some people think about moving to Dubai: a busy city with beaches, bars, restaurants and tall buildings on the Persian Gulf.
26In March, a home in one of the city's rich neighborhoods was sold to a family from Switzerland for over $30 million.
27Less costly homes are being bought at record rates.
28Ninety homes worth over $2 million changed hands in April.
29But there are some signs that the housing boom is ending.
30Prices for space in the Burj Khalifa, the world's tallest building, have fallen nearly 70 percent from their height in 2013.
31Prices are falling in other buildings, too.
32Home sales experts say there are now too many places to live in Dubai.
33Jackie Johns is a home sales expert.
34She said the "boom time ... can run too quickly and it all falls apart."
35Matthew Cooke works for a business that sells costly homes.
36He said people are buying without thinking too much about the future.
37Robert Mogielnicki studies the Middle East at the Arab Gulf States Institute in Washington, D.C.
38He said a property boom does not usually hurt rich people.
39If the market changes, they are in a good position.
40"The people who lose out are on the lower end," Mogielnicki said.
41I'm Dan Friedell.
1Sales of costly homes have been booming in the Middle Eastern city of Dubai during the coronavirus health crisis. 2People from Europe and the United States have been moving to the city, which is one of the United Arab Emirates. They say it is because the city follows a "business as usual" policy. 3Christophe Reech is a wealthy French businessman who lived in London for nearly 30 years. But when Britain put in place restrictions because of COVID-19, he decided it was time to leave. 4In Dubai, he said, the plan for dealing with the virus is simple: "Let's make sure everyone's vaccinated and keep everything open." 5"Of course that attracts people like me," he said. 6The U.A.E. is mainly using a vaccine from China to protect people from the virus. The country has a population of about 9 million and has provided over 10 million vaccine doses so far. Other vaccines from Pfizer and AstraZeneca are also available. 7Dubai reopened to tourists last summer. It had a sharp increase in virus cases in January. But, unlike some countries, not very many people in the U.A.E. died. 8The country used to be a place for rich people from the Middle East and Africa. Now people are coming from places like China, Russia, India and Europe. One reason is that it is easy to get vaccinated. 9Reech was able to get an appointment for the Pfizer vaccine as soon as he arrived. In London, the waiting list was four months long. 10It is also easy for foreigners to get permission to live in the U.A.E. The country is offering visas for people who are able to work using the internet. 11In the past, some westerners worried about moving to Dubai because of its Islamic laws. But recently the country changed its rules to permit people from other parts of the world to observe some of their own laws and traditions. For example, it used to be illegal for men and women who were not married to live together. 12These changes made some people think about moving to Dubai: a busy city with beaches, bars, restaurants and tall buildings on the Persian Gulf. 13In March, a home in one of the city's rich neighborhoods was sold to a family from Switzerland for over $30 million. Less costly homes are being bought at record rates. Ninety homes worth over $2 million changed hands in April. 14But there are some signs that the housing boom is ending. 15Prices for space in the Burj Khalifa, the world's tallest building, have fallen nearly 70 percent from their height in 2013. Prices are falling in other buildings, too. 16Home sales experts say there are now too many places to live in Dubai. Jackie Johns is a home sales expert. She said the "boom time ... can run too quickly and it all falls apart." 17Matthew Cooke works for a business that sells costly homes. He said people are buying without thinking too much about the future. 18Robert Mogielnicki studies the Middle East at the Arab Gulf States Institute in Washington, D.C. 19He said a property boom does not usually hurt rich people. If the market changes, they are in a good position. 20"The people who lose out are on the lower end," Mogielnicki said. 21I'm Dan Friedell. 22Isabel Debre wrote this story for the Associated Press. Dan Friedell adapted it for Learning English. Mario Ritter, Jr. was the editor. 23Would you spend $30 million for a home in Dubai? Tell us in the Comments Section and visit our Facebook page. 24______________________________________________________________ 25Words in This Story 26boom -v. to grow or expand suddenly 27vaccine -n. a substance that is usually injected into a person or animal to protect against a particular disease 28dose - n. the amount of a medicine, drug or vitamin that is taken at one time 29tourist -n. a person who travels to a place for pleasure 30attract -v. to cause (someone) to like or be interested in something 31change hands -v. to move in ownership from one person to another