According to the Wall Street Journal

Dubai attracts billionaires, celebrities and community stars from around the world

The volume of real estate transactions hit an all-time high, according to the US group «JBRE». Reuters

Every day, Dubai welcomes a large number of sports stars, tech billionaires, influencers and celebrities from all over the world, on more than 30 flights. These stars and celebrities are scattered in the emirate's famous restaurants and cafes, at a time when these visits have tripled in the last three years.

With the arrival of these celebrities and celebrities in the city, real estate prices soared, the "Michelin Guide" began to categorize restaurants within Dubai, while the city witnessed the famous concert of international singer Beyoncé during the lavish opening of «Atlantis The Royal», a hotel that carries the status of a resort but is considered the «most luxurious» in the world, with prices reaching $ 37,<> per night.

Rents in Dubai have risen more than 25 percent over the past year, and the volume of real estate transactions is an all-time high, according to JBRRE Group, a U.S. real estate and investment services firm. Villas and skyscrapers overlooking the beach have also witnessed an unprecedented turnout and an influx of foreign investment.

The lack of income taxes in Dubai has helped attract technology specialists and hedge fund staff from San Francisco, London and New York. New York-based Millennium Magnet set up an office in Dubai in 2020, and other firms followed suit, including private equity firm CVC Capital Partners and Exodus Point Capital Management, the largest hedge fund startup with an initial capital of eight billion dollars. High-paid goods traders based in the British capital also make regular visits to Dubai.

Adel Mardini, CEO of GITEX, a global private airline based in Dubai, said: "Technologists and celebrities have all moved to this city, and fashion has also moved here." The UAE made its biggest jump last year in the world in terms of the number of high net worth individuals, with the number of people with more than a million dollars jumping from 4000,92 to more than 600,<>, according to Henley & Partners, a consultancy that works on citizenship investments.