Dubai real estate sector recorded $3.7bn of transactions last week, including $14.6m Palm Jumeirah apartment

The Oppenheim Group, a prominent luxury real estate agency based in Los Angeles, has opened a branch office in Dubai, according to recent reports. This move comes despite the fact that the premium real estate segment has seen a slowdown. Despite this, some brokers and developers see this development as a much-needed correction to the soaring market, which could potentially prevent a market crash.

Jason Oppenheim, the president of The Oppenheim Group, shared his thoughts on the situation with the Financial Times. He stated that a "slow burn" in real estate markets is desirable, as it indicates stability and health. Another indicator of optimism is a recent $1.4 billion expansion project in Dubai, which will see the completion of a financial hub and the sale of units in the under-construction Four Seasons hotel.