'UAE: Russians in the lead, Indians 3rd in Dubai real estate - News | Khaleej Times'

After the crisis in February, a significant number of high-income individuals moved to safer, more stable and faster-growing countries around the world.

File Photo Published: wt, 18 Oct 2022, 9:41 AM Date last updated: Wed, 19 Oct 2022, 08:20 AM

Russians have become the leading property buyers in the Dubai real estate market

Outperforming investors from India, the UK and Italy. Investors from the United Kingdom, India, Germany, France, the United States, Pakistan, Lebanon, Canada and Romania followed the Russians, according to a report for the third quarter of 2022 published by brokerage Betterhomes. In the first half of 2022, Indians led the way in terms of purchases''real estate in Dubai, followed by citizens of the UK, Italy, Russia and France.

"Europeans dominated foreign real estate buyers throughout 2022. Global conflicts and increased policy easing in Europe have brought Russians to the top of our ranking for real estate purchases in Dubai by non-residents. The UK holds a strong position in second place as more people 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.

After the Russia-Ukraine crisis in February

A significant number of''high-net-worth individuals have moved to safer, more stable and faster-growing countries around the world. Interestingly, several major Dubai real estate developers have also confirmed Betterhomes' statement. Rizwan Sajan, chairman and founder of Danube Group, previously stated that Russians have become some of the biggest investors in Dubai and its real estate projects.

"About 60 percent of investors are foreigners in our last project Opalz, which was sold on the first day, due to the trust and confidence of people in Dubai and our project.

Dubai's real estate sector breaks record for number''s completed transactions, 22,895 units were sold, up 61 percent from the third quarter of last year, attracting both local and international buyers. "Dubai continues to outperform almost all other international markets as post-Covid migration to the UAE continues at an unchanged rate," the report said.

Prices remain almost unchanged

The real estate brokerage firm said prices overall were almost unchanged from July to September. "Apartments in West Palm saw strong price increases of 10 percent. Palm Tree continues to attract huge interest and prices and don't seem to be going down just yet. The upcoming relaunch of Palm Jebel Ali is poised to add some excitement to the market in''fourth quarter of this year,' the report said.

The prices of apartments in Damac Hills and Mohammed bin Rashid City rose by 7 percent and 6 percent respectively. Meanwhile, prices in Dubai Studio City and Al Khail Heights rose slightly by 3 percent. Property prices in Culture Village, JBR, DuBiotech, Jumeirah Village Triangle and Dubai Investment Park fell by 11, 10, 9, 5 and 4 percent respectively in the latest quarter.

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