Dubai property: The Russia factor
by rayan on August 24, 2023
Dubai’s property market witnessed a significant surge in prices, largely driven by a substantial influx of Russian investors in 2022. The UAE, renowned for its stability and luxury, has long attracted wealthy individuals from around the world. However, the Russian wave brought about a remarkable 47% increase in property costs, leading to a prosperous real estate market in Dubai.
In 2022, the sector experienced remarkable growth, with sales transactions exceeding 86,000 and total property sales surpassing $56.6 billion.
We advise investors to monitor the market closely, considering potential challenges such as rising rent and property prices. As Russian investment tapers off, European investors are emerging as the primary replacements, holding about 30% of the market, followed by Indian investors. The dynamic nature of the real estate market emphasizes the need for ongoing trend analysis.
