Are Russians no longer the leaders among buyers? What about the UAE real estate market?
Russians are ahead of citizens of the UK, India, European countries, the demand of Chinese investors is also growing. Although Russia has left the top three, but still holds a significant position among foreign buyers to date (In 2022, the Russians occupied 1 and 2 lines of the rating), the main reasons for the decline in interest were:
- Bank transfer restrictions;
- Exchange rate.
BUT! Dubai's residential real estate market continues to be attractive. If Russians with incomes in rubles fell into the exchange rate trap in Dubai, then for citizens of other countries the emirate remains a sought-after location for investment. The volume of real estate sales for the first three quarters of this year amounted to almost 80 thousand objects, it is 44% more than the result of the same period of 2022 (for the whole 2022 sales amounted to 79.6 thousand objects). By the end of the year, a record number of concluded transactions in the history of observations is expected.
A bubble already?
The high demand for real estate in the UAE and Dubai in particular cannot be called overheated or a "bubble". Interest in Dubai's real estate market is an international trend that investment analysts are noticing. - In September 2023, UBS again included Dubai in the top three cities with the lowest risk of a bubble in the market
In Dubai, the return on investment in real estate for rent is one of the fastest in the world - 15 years
- For comparison:
Singapore has a payback of 23 years
In Paris - 31 years
We remind you that Housebook specialists help at all stages of the transaction, with us your clients will not have difficulties with payment of objects, we offer the following ways:
- Swift-transfer to the escrow account of the developer
- Check if you have a bank account in UAE
Our platform is designed for an international audience, real estate agents can use both Russian and English versions of the site, make presentations, leave bids and make transactions!