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

Following the February crisis, many high net worth individuals have migrated to safer, stable and fast-growing countries around the world

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Russians have become the top buyers in the Dubai real estate market, surpassing Indian, British and Italian investors.

It was followed by investors from the UK, India, Germany, France, the US, Pakistan, Lebanon, Canada and Romania, according to a Q3 2022 report from brokerage Betterhomes.

Indians are the top homebuyers in Dubai in the first half of 2022, followed by citizens of the UK, Italy, Russia and France.

“Europeans dominate the number of overseas buyers throughout 2022. Global conflict and Europeans’ growing detente attitudes put Russians at the top of our rankings, becoming Dubai’s number one non-resident buyer. The UK comes in second Two, because more and more people see the value in buying real estate in Dubai and the various benefits it undoubtedly offers, such as security, sunshine and endless opportunities,” Betterhomes said in its quarterly report.

Following the Russia-Ukraine crisis in February, many high-net-worth individuals from the two countries have moved to safer, more stable and rapidly developing countries around the world.

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

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

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

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

“As immigration to the UAE continues to grow rapidly post-COVID-19, Dubai continues to outperform almost all other international markets,” it said.

price flat

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

“Prices for Palm Jumeirah condominiums have grown strongly by 10%. The Palm continues to attract a lot of interest and prices and shows no signs of slowing down at the moment. The upcoming re-launch of the Palm Jebel Ali appears to be the market for the fourth quarter of this year Add some excitement,” it said.

Apartment prices in Damac Hills and Mohammed bin Rashid City rose by 7% and 6% respectively. Prices at Dubai Studios and Al Khail Heights rose moderately at a rate of 3%.

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

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