Real estate transactions for the month closed in at 875 deals
According to Dubai real estate firm , British and Russian nationals top real estate buyers in April 2023. This is closely followed by Indian nationals at seven percent. According to the latest data the average sales price reached AED 4,310,000 and the average rental price was recorded at AED168,000.3 days ago
Real estate market in Dubai as seen a shift in its top investors in the first quarter of 2023. As per a report, British, Indian, and Russian nationals were the top investors, with Europeans and Russians overtaking those from the Indian subcontinent. This shift can be attributed to various factors. Such as escalating costs in Europe after the Russia-Ukraine conflict, Dubai’s effective handling of the pandemic, a stable economy, 100% foreign ownership, and the availability of golden visa.
Previously, Indians were at the top of the investors’ chart in the local property market but slipped to third position last year and second in the first quarter of 2023. Meanwhile, Pakistani investors, who used to be among the top 10, dropped out of the ten lists in Q1 2023. As the South Asian country’s currency depreciated massively in the past year.
According to Betterhomes’ data, the top 10 list includes investors from Italy, Lebanon, Egypt, Turkey, France, China, and the UAE. The Dubai-based Samana Developers stated that Europeans were the top investors in its latest project. Najmeh Jafari, General Manager of Samana Developers, noted that Europeans from France, Germany, the UK, the Netherlands, Sweden, Switzerland, Austria, Belgium, and Norway mainly invest in Dubai.
According to Ayman Youssef, vice president of Coldwell Banker UAE, most buyers of real estate are from, France, Germany, and Switzerland. Youssef said, “Compared to most European countries, the UAE property market has managed to retain appealing prices with higher yield/return per unit. Today one can get up to 8% returns which is quite high compared to what any European country can offer.” Additionally, the Golden Visa, 100% ownership rights, better business opportunities, and other factors encourage people to invest more in the emirate.
Dubai’s real estate sector continues to see strong international demand as people seek a safe haven, tax efficiency, and positive investment returns. According to Betterhomes, buyers from the UK accounted for the most real estate transactions in the first quarter, with a growth of 60% year-on-year. Buyers followed this closely from India. With the availability of several investment-friendly policies, Dubai’s real estate market is expected to remain an attractive investment option for international buyers.
Source:
Arabian Business
