A report from the real estate management firm, Betterhomes, observed that the top five buyers of property in Dubai are from India, UK, Italy, Russia, and France
In sixth place came Canada, followed by UAE, Pakistan and Egypt tied, then Lebanon and China.
Part of the reason behind the sudden influx of property purchase is because of the quick recovery of Dubai from the COVID-19 pandemic. Dubai uniquely managed to ease its restrictions much faster than many cities around the globe.
Also, due to the recent sanctions against Russia, Dubai saw an increase in Russian investors.
According to Betterhomes, as compared to the first six months of 2021, the sale of luxury properties increased by 87%, while apartments comprised of 62% of all transactions. The surge in investors accounted for a 10% increase as compared to last year.
Just IN:— Indians on top in buying properties in Dubai, followed by UK, Italy & Russian oligarchs in 2022.
— South Asia Index (@SouthAsiaIndex) July 30, 2022
The beginning half of 2022 has already witnessed a 60% increase in transactions related to residential real estate
Yes, you’ve seen the sky-rocketing property prices. Get this: the report also stated that there is an 85% increase in the value of properties sold and that according to the Dubai Land Department data, residential property transactions totaled to a whopping AED 89 billion – and that too only in the past six months.