UAE: Russians overtake Indians to become top property buyers in Dubai
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.
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.
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.
