The sheer volume of properties selling in Dubai for $5 million-plus — even during wartime — has lured one of Los Angeles’ top luxury real estate agencies. Whether they will bring their Netflix reality show cameras is another question, but The Oppenheim Group, known for , pressed ahead with opening a new office in September. Despite signs the premium segment is stalling, some brokers and developers say this is a much-needed correction in one of the world’s hottest real estate markets that is helping to avert a market crash.
Jason Oppenheim, president of The Oppenheim Group, is among them. “Now you just have a slow burn, and that’s exactly what you want in every real estate market,” he told the Financial Times. Another sign of confidence: A $1.4 billion extension of Dubai’s financial hub is going ahead, selling units at the under-construction Four Seasons, Bloomberg reported.
