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UAE: Russians are top property buyers in Dubai; Indians come third

Following the crisis in February, a number of high-net-worth individuals have moved to safer, stable and fast-growing countries around the world

Published: Tue 18 Oct 2022, 9:41 AM

Updated: Wed 19 Oct 2022, 8:20 AM

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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.

In the first half of 2022, Indians were top property buyers in Dubai followed by citizens of the UK, Italy, Russia and France.

“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,” Betterhomes said in its quarterly report.

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.

Interestingly, some of the top Dubai developers have also echoed Betterhomes statement.

Rizwan Sajan, chairman and founder of Danube Group, earlier said that Russians have been one of the major investors in Dubai and his property projects.

“Around 60 per cent of investors are foreigners in our latest Opalz project, which was sold out on the first day, because of the trust and confidence that people have in Dubai and our project. Whenever there is an economic or political crisis, people want to come to Dubai because it is a safe haven,” said Sajan.

Dubai’s property sector recorded a record quarter for completed transactions, with 22,895 units sold, up 61 per cent from the third quarter last year, attracting both local and international buyers.

“Dubai continued to outperform almost all other international markets as the post-Covid migration to the UAE continues apace,” it said.

Prices flat

The property brokerage firm said prices were almost flat, overall, during the July-September period.

“Palm Jumeirah apartments saw strong price growth of 10 per cent. The Palm continues to attract a huge amount of interest and prices and shows no signs of slowing at the moment. The imminent relaunch of Palm Jebel Ali looks set to add some excitement into the market in the fourth quarter this year,” it said.

Prices of apartments in Damac Hills and Mohammed bin Rashid City increased seven per cent and six per cent, respectively. While prices in Dubai Studio City and Al Khail Heights grew moderately at three per cent.

Property prices in Culture Village, JBR, DuBiotech, Jumeirah Village Triangle and Dubai Investment Park witnessed 11 per cent, 10 per cent, nine per cent, five per cent and four per cent drop, respectively in the last quarter.

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