Russian investors now surpass those from India, the United Kingdom, and Italy as the top buyers of real estate in Dubai.
Russian investors come in the first place, followed by those from the UK, India, Germany, France, the US, Pakistan, Lebanon, Canada, and Romania, according to brokerage Betterhomes’ third-quarter 2022 report.
Indians were the leading foreign buyers of real estate in Dubai during the first half of 2022, followed by residents of the UK, Italy, Russia, and France.
“Europeans have dominated the overseas buyer numbers throughout 2022. Global conflicts and the increased mitigation of Europeans have placed Russians at the top of our leaderboard as the number one non-resident buyers in Dubai. The UK holds a strong position at number two as more individuals see the value of buying real estate in Dubai and the various benefits it undoubtedly offers, such as safety, sunshine and endless opportunities,” Betterhomes said in its quarterly report.
Following the Russia-Ukraine crisis in February, several high-net-worth individuals from the two nations have relocated to nations that are safer, more secure, and experiencing rapid economic growth.
It’s interesting to note that some of the major developers in Dubai have echoed Betterhomes’ statement.
The chairman and founder of Danube Group, Rizwan Sajan, has stated that Russians were a significant investor in Dubai and his real estate projects.
“Around 60 percent of investors are foreigners in our latest Opalz project, which was sold out on the first day, because of the trust and confidence that people have in Dubai and our project. Whenever there is an economic or political crisis, people want to come to Dubai because it is a safe haven,” said Sajan.
With 22,895 apartments sold, a record-high quarter for completed transactions in Dubai’s real estate market, both domestic and foreign purchasers was drawn to the city.
“Dubai continued to outperform almost all other international markets as the post-Covid migration to the UAE continues apace,” it said.
Prices flat
According to the real estate brokerage company, prices were basically steady from July to September.
“Palm Jumeirah apartments saw strong price growth of 10 percent. The Palm continues to attract a huge amount of interest and prices and shows no signs of slowing at the moment. The imminent relaunch of Palm Jebel Ali looks set to add some excitement into the market in the fourth quarter this year,” it said.
Damac Hills and Mohammed bin Rashid City saw 7% and 6%, respectively, increases in residential prices. While prices in Al Khail Heights and Dubai Studio City increased considerably by 3%.
In the most recent quarter, real estate prices in Culture Village, JBR, DuBiotech, Jumeirah Village Triangle, and Dubai Investment Park decreased by 11%, 10%, 9%, 5%, and 4%, respectively.