Russians are Dubai’s leading property buyers, followed by Indians in third place
Russian buyers are now the top purchasers of real estate in Dubai, surpassing those from India, the United Kingdom, and Italy. According to brokerage Betterhomes’ third-zone 2022 study, Russian buyers came in first, followed by those from the UK, India, Germany, France, the US, Pakistan, Lebanon, Canada, and Romania.
In the first half of 2022, together with those from the UK, Italy, Russia, and France, Indians accounted for the majority of foreign buyers of real estate in Dubai. “Until 2022, Europeans will continue to lead the distant regions in terms of customer numbers. Russians are now at the top of our list of non-resident consumers in Dubai because of global tensions and the prolonged mitigation of Europeans. As more individuals learn about the cost of buying real estate in Dubai and the many benefits it undoubtedly provides, like safety, sunlight, and infinite prospects, the UK retains a strong role in the global market, according to Betterhomes’ quarterly study.
Numerous high-net-worth individuals from the two countries moved to countries that are safer, more secure, and enjoying rapid economic growth in the wake of the crisis in Russia-Ukraine in February. It’s exciting to see that some of the top developers in Dubai have endorsed Betterhomes’ assertion.
Russians have reportedly invested heavily in Dubai and Rizwan Sajan’s genuine real estate projects, according to the chairman and founder of Danube Group, Rizwan Sajan. “Our cutting-edge Opalz project, which sold out on an opening day, has around 60%, of international customers. This is a result of people’s trust and confidence in Dubai and our project. People must return to Dubai because it is a haven if there is a financial or political calamity, according to Sajan.
With 22,895 properties offered and a record number of completed transactions in Dubai’s real estate market, the city drew both domestic and foreign visitors. Due to the continued influx of people to the UAE following the departure of COVID, Dubai continued to outperform almost all other international markets, it was said.
The real estate brokerage firm claims that from July to September, prices were largely consistent. “Palm Jumeirah apartments had a significant rate hike of 10%. The Palm continues to generate a significant amount of revenue and has no current signs or symptoms of slowing. The upcoming relaunch of Palm Jebel Ali is expected to provide some excitement to the fourth zone market this year, it said.
Residential expenses would rise by 7% and 6%, respectively, in Damac Hills and Mohammed bin Rashid City. While utilizing 3%, prices in Al Khail Heights and Dubai Studio City increased significantly. Real estate expenses in Culture Village, JBR, DuBiotech, Jumeirah Village Triangle, and Dubai Investment Park decreased by 11%, 10%, 9%, 5%, and 4%, respectively, in the highest current zone.
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