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 Selling Sunset, 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.
