(MENAFN- Khaleej Times) Published: Wed 31 May 2023, 3:46 PM
Last updated: Wed 31 May 2023, 6:37 PM
Chinese and British investors have emerged as top luxury residential property buyers in Dubai in 2022, overtaking Indians who have traditionally been the top buyers over the years.
According to global real estate consultancy Knight Frank, Indian investors were the third top property buyers in the emirate last year in the high-end segment.
In the pre-pandemic years of 2018 and 2019, Indians, Emiratis and Saudis were the top three investors.
Indian millionaires have set an average budget of $10-20 million to buy a home in Dubai, while 11 out of 15 are keen to purchase a residential property in Dubai. Indian high-net-worth investors expect annual capital appreciation of 5 to 10 per cent, while the most popular target location for a branded residence in Dubai is Creek Harbour.
Knight Frank's global survey covered 183 global high-net-worth individuals (HNWI), each with a net worth of more than $3 million, excluding the value of their main home or primary residence, in partnership with YouGov. The survey in India covered millionaires with an average wealth of $7.1 million.
Dubai's real estate sector continues to see strong international demand from across the globe, as people seek a safe haven, tax efficiency and positive investment returns.
The weakening of the rupee against the UAE dirham, which has fallen from 21.1 last year to 22.6 in May, has prompted small and medium Indian investors to slow down – but high net worth individuals continue to invest in the local property market to earn high returns.
Meanwhile, British investors have been investing more due to high inflation and political uncertainty in the European country in the past year. British and other East and West European investors have been looking to park their funds in safe places and also earn high returns.
According to Betterhomes' data, British nationals were the top investors in Dubai in the first quarter of 2023 as well, growing by 60 per cent year-on-year. The other nationalities that made it to the top 10 list were citizens of India, Russia, Italy, Lebanon, Egypt, Turkey, France, China and UAE.
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