"Dubai Real Estate: Britons, Indians, and Russians lead the real estate market; Pakistanis drop out of the top3."."

According to the latest data from Betterhomes, the British, Indians, and Russians have become the main investors in the Dubai real estate market in the first quarter of2023. Among other nationalities in the top10 are also investors from Italy, Lebanon, Egypt, Turkey, France, China, and the UAE..

Recently, investors from Europe and Russia have overtaken investors from the Indian subcontinent in Dubai's real estate market due to several factors such as the rise in property values in Europe after the conflict between Russia and Ukraine, Dubai's effective response to the pandemic, stable economy, 100 percent foreign ownership and availability of 10-year golden visas.

Indians were previously leading the real estate market, but they fell to the third position last year and dropped to the second position in the first quarter of 2023. While Pakistani investors, who were earlier in the top 10, dropped out of the list in the first quarter of 2023 due to a significant fall in the value of the Pakistani currency over the last one year. According to xe.com, the rupee currency has fallen from 50 against the UAE dirham in April last year to 77.46 in April 2023. Pakistani investors were the sixth largest investors in the emirate's real estate market in 2022.

Samana Developers said that Europeans have become the main investors in their latest project. Samana Developers CEO Najmeh Jafari said that Europeans, who mainly invest in real estate, come from France, Germany, UK, Netherlands, Sweden, Switzerland, Austria, Belgium and Norway.

Coldwell Banker UAE Vice President Ayman Youssef said that real estate buyers are mainly coming from Germany, France and Switzerland.

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"The UAE real estate market has been able to maintain attractive prices with high yields compared to most European countries. Today, you can get up to 8% income, which is quite high compared to any European country. In addition, the golden visa, the right to 100 percent ownership, better business opportunities and other factors are encouraging people to invest more in the emirate," Youssef added.

"Dubai's real estate market continues to experience strong international demand from around the world as people seek safe haven, tax efficiency and positive investment returns. Britons accounted for the majority of real estate transactions in the first quarter, with an increase of 60% year-on-year. They are followed by investors from India," Betterhomes said in its quarterly report.