Russian Buyers Switches: Top Purchasers of Real Estate in Dubai, Followed By Indians
Russians have emerged as top property buyers in the Dubai property market, surpassing Indians, British and Italian investors. According to the third-quarter 2022 report released by brokerage Betterhomes, Russians are followed by investors from the UK, India, Germany, France, the US, Pakistan, Lebanon, Canada and Romania.
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.
Russians At The Top List
Europeans have dominated the overseas buyer numbers throughout 2022. Global conflicts and the increased mitigation of Europeans have placed Russians at the top of our leaderboard as the number one non-resident buyers in Dubai. The UK holds a strong position at number two as more individuals see the value of buying real estate in Dubai and the various benefits it undoubtedly offers, such as safety, sunshine and endless opportunities.
Following the Russia-Ukraine crisis in February, a number of high-net-worth individuals from the two countries have moved to safer, stable and fast-growing countries around the world.
Dubai Real Estate Records
Dubai’s property sector recorded a record quarter for completed transactions, with 22,895 units sold, up 61% from the third quarter last year, attracting both local and international buyers.
Prices
1. Residential expenses would rise by 7% and 6%, respectively, in Damac Hills and Mohammed bin Rashid City.
2. Utilizing 3%, prices in Al Khail Heights and Dubai Studio City increased significantly.
3. Real estate expenses in Culture Village, JBR, DuBiotech, Jumeirah Village Triangle, and Dubai Investment Park decreased by 11%, 10%, 9%, 5%, and 4%, respectively.
Prices flat
The property brokerage firm said prices were almost flat, overall, during the July-September period.
To Know
- Palm Jumeirah apartments saw strong price growth of 10 %.
- The Palm continues to attract a huge amount of interest and prices and shows no signs of slowing at the moment.
- Relaunch of Palm Jebel Ali looks set to add some excitement into the market in the fourth quarter this year.
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