Russians increase real estate purchases in Dubai
(MENAFN) According to a major developer in Dubai, Russians top the list of buyers, indicating that there is still a high demand for Real estate in the United Arab Emirates, news agency stated on Thursday.
Russian nationals made up the largest part of the market, according to Emaar Properties, the largest real estate company in Dubai, that accounts for around 30 percent of all property sales prior to construction. However, the corporation did not provide a precise percentage.
According to information, following restrictions forced them to cease investing in Western nations, Russians significantly increased their real estate purchases in Dubai, driving prices in the emirate to all-time highs, the site reported.
As stated by Sara Boutros, a CI Capital analyst, in 2023, around 12 percent of buyers in Emaar developments were Russian investors, up from 2 percent last year and 9 percent in 2020.
“We expect Russian flows to remain strong for the rest of the year,” she stated. “That’s mainly due to the attractiveness of the luxury segment in Dubai where rental yields are very high and investment costs are low.”
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