UAE: Russians overtake Indians as top home buyers in Dubai – News

Following the crisis in February, some HNWIs have moved to safer, stable and fast-growing countries around the world

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Russians have emerged as the top homebuyers in the Dubai property market, surpassing Indians, British and Italian investors.

Russian investors are followed by investors from the United Kingdom, India, Germany, France, the United States, Pakistan, Lebanon, Canada and Romania, according to the third-quarter 2022 report released by brokerage Betterhomes.

Indians were the top home buyers in Dubai in the first half of 2022, followed by citizens of the UK, Italy, Russia and France.

“Europeans have dominated the number of overseas buyers throughout 2022. The global conflict and European detente have put Russians at the top of our rankings as the number one non-resident buyer in Dubai. With more and more people seeing the value in buying property in Dubai and the various benefits it undoubtedly offers, such as security, sunshine and endless opportunities, the UK holds a strong position in second place,” Betterhomes said in its quarterly report.

Following the Russia-Ukraine crisis in February, some high-net-worth individuals from both countries have moved to safer, stable and fast-growing countries around the world.

Interestingly, some of Dubai’s top developers also echoed Betterhomes’ statement.

Rizwan Sajan, chairman and founder of Danube Group, said earlier that the Russians have been one of the main investors in Dubai and its real estate projects.

“In our latest Opalz project, about 60% of the investors are foreigners, the project was sold out on the first day due to the trust and confidence in Dubai and our project. Whenever there is an economic or political crisis , people want to come to Dubai because it’s a haven,” Sajan said.

Dubai’s real estate sector recorded a record quarter of completed transactions with 22,895 units sold, a 61% increase from the third quarter of last year, attracting both local and international buyers.

“Dubai continues to outperform almost all other international markets as post-coronavirus migration to the UAE continues to grow rapidly,” it said.

price flat

Overall, prices were almost flat between July and September, the real estate brokerage said.

“Prices for Palm Jumeirah condos grew strongly by 10%. Palm continues to attract a lot of interest and prices with no signs of slowing down. Palm Jebel Ali is about to re-launch and looks set to add some excitement to the market in the fourth quarter of this year ,”it says.

Apartment prices in Damac Hills and Mohammed bin Rashid City rose by 7% and 6% respectively. Prices at Dubai Studios and Al Hail Heights rose modestly by 3%.

House prices in Culture Village, JBR, DuBiotech, Jumeirah Village Triangle and Dubai Investment Park fell by 11 per cent, 10 per cent, 9 per cent, 5 per cent and 4 per cent respectively in the last quarter.

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