Many high-net-worth people have relocated to nations that are safe, stable, and experiencing rapid growth. Because of the crisis that began in February.
Russian investors now outnumber those from India, the United Kingdom, and Italy as the top property buyers in Dubai. Russian investors come in second place, followed by those from the UK, India, the US, Pakistan, Germany, Lebanon, France, Canada, and Romania, according to brokerage Betterhomes’ third-quarter 2022 report. Indians were top property buyers in Dubai in the first half of 2022, followed by residents of Italy, the UK, Russia, and France.
Throughout 2022, Europeans have accounted for the majority of foreign buyers. Russians are now at the top of our list of non-resident buyers in Dubai. Due to global quarrels and the rising mitigation of Europeans. As more people recognize the value of purchasing real estate in Dubai and the numerous advantages it undoubtedly offers. Including safety, sunshine, and limitless opportunities, the UK maintains a strong position at number two, according to Betterhomes’ quarterly report.
Following the Russia-Ukraine conflict in February, several high-net-worth folks from the two nations have relocated to nations that are safe, stable, and experiencing rapid growth. It is interesting to note that some of the top developers in Dubai have echoed Betterhomes’ assertion. The chairperson and founder of Danube Group, Rizwan Sajan, previously 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 about 60%, foreign investors. This is a result of the public’s trust and confidence in Dubai and our project. People seek refuge in Dubai during times of economic or political crisis. Because it is a secure location, according to Sajan.
With 22,895 units sold, a record-high quarter for transactions done in Dubai’s real estate market. Both domestic and foreign buyers were drawn to the city. As the post-Covid, relocation to the UAE continues apace, Dubai continued to outperform almost everything other international markets, it said.
According to the real estate brokerage company, prices were essentially flat from July to September. Palm Jumeirah apartments experienced a solid 10 percent price growth. The Palm is still commanding high prices and interest, and neither is currently showing any signs of slowing. The upcoming relaunch of Palm Jebel Ali is expected to increase market excitement in the 4Q of this year.
Damac Hills and Mohammed bin Rashid City saw 7% and 6%, respectively, increases in apartment prices. While prices in Al Khail Heights and Dubai Studio City increased at a moderate three percent rate. In the most recent quarter, real estate prices in Culture Village, Jumeirah Village Triangle, JBR, DuBiotech, and Dubai Investment Park fell by 11%, 10%, 9%, 5%, and 4%, respectively.