The top three property buyers in Dubai are Russians, British taking the second place and Indians in third place.
Dubai continued to outperform almost all other international real estate markets, as the post-COVID migration continues swiftly. Dubai’s real estate sector witnessed an amazing quarter for completed transactions, with 22,895 units sold, which is up by 61 per cent from the third quarter of 2021, attracting both local and international buyers.
When it comes to classifying the potential and existing property buyers for properties for sale in Dubai, we see that Europeans have dominated the market since the beginning of 2022. Global conflicts (especially between Russian and Ukraine) increased the migration of Europeans to the UAE, which has placed Russian property buyers in the limelight, in the foreign buyers’ category.
Indians were the leading foreign buyers of real estate in Dubai during the first half of 2022, followed by residents of the UK, Italy, Russia, and France. The scenario is changed now, with Russians overtaking Indians to become the top property buyers in Dubai, followed by the UK that holds the second position. India, Germany, France, USA, Pakistan, Lebanon, Canada, and Romania come next in the list of top property buyers in Dubai.
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.
With Strong infrastructure, tax-free status, safe surroundings, new residence visa options associated with investment and excellent opportunities for business development, Dubai has become a business and investment hub. Foreign investors have been flocking to Dubai from every part of the globe to start a new business venture or invest in Dubai real estate.
Notably, the number of property transactions surged in the emirate amid economic recovery. A majority of property agents in Dubai are of the view that the same trend will continue in 2023 and in the years to come.
Super-rich property buyers from countries like Russia, the UK, the US, India, Canada and Pakistan will keep investing in properties for sale in Dubai, as it emerged to be an attractive realty market. Russians were a significant investor in Dubai and his real estate projects. With the UAE government’s timely reforms and directives and further strengthened by its revolutionary steps including the golden visa options and varied investment options along with hosting Expo 2020, the real estate sector was able to achieve a higher volume of transactions.
The statistics reflect the sector’s ability to progress under exceptional circumstances and have further strengthened Dubai’s position as a global property investment hub.
According to Dubai Commercial Real Estate Agencies (CRBE’s) report, despite the sharp increase, these average rates are “still below the highs witnessed in late 2014”, with apartments remaining at 23.8 percent and villas staying 21.6 per cent below that peak. Russians topped Dubai’s list of non-resident property buyers in the third quarter of 2022, marking an 11% increase from the previous quarter. Although British buyers still came in second, they dropped by 43% from the second quarter of the year. Indian buyers ranked third, followed by German and French, as per the report. This comes in as Dubai’s property market sees an overall 14% quarter on quarter increase in sales volume.
With 22,895 apartments sold, a record-high quarter for completed transactions in Dubai’s real estate market, both domestic and foreign purchasers were drawn to the city.
High Demand for Prime Location in Dubai
Areas in Dubai have witnessed a record-high demand for luxury and ultra-luxury properties over the past 12 months. Not just the demand but the prices of luxury properties for sale in Dubai across several prime locations have spiked at a record high rate. The prices for luxury properties in Dubai prime areas have increased by around 90 per cent.
Apartments for sale in Palm Jumeirah showed 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.
The 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. The property prices in Culture Village, JBR, 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.
At Home Sweet Home Real Estate Dubai, we are known not only for meeting, but also, exceeding our customers’ satisfaction and expectations. Our goal is to succeed in enabling our diverse team of highly professionals to hold great service and accountability towards the top property buyers in Dubai which is our motto “Turning dreams into Reality”.
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