Russian investors have overtaken Indians, British, and Italians as the biggest buyers of real estate in Dubai.
Investors from the UK, India, Germany, France, the US, Pakistan, Lebanon, Canada, and Romania are next in line. The market is expected to grow by a quarter in 2022, according to brokerage Better home’s third-quarter 2022 research.
Indians were the leading foreign buyers of real estate in Dubai during the first half of 2022. They were followed by residents of the UK, Italy, Russia, and France.
Following the Russia-Ukraine crisis in February, several high-net-worth individuals from the two nations have relocated to nations that are safer, more secure, and experiencing rapid economic growth.
The chairman and founder of Danube Group, Rizwan Sajan, has stated that Russians were a significant investor in Dubai and his real estate ventures. “Our most recent Opalz project, which sold out on the first day, has over 60%, of foreign investors. This is a result of the majority’s trust and confidence in Dubai and our project. People seek refuge in Dubai during times of economic or political turmoil because it is a secure place, according to Sajan.
With 22,895 apartments sold, a record-high quarter for completed transactions in Dubai’s real estate market, both domestic and foreign purchasers was drawn to the city. As the post-Covid exodus to the UAE continues apace, “Dubai continued to outperform practically all other overseas markets,” it stated.