Russian and British citizens are the main buyers of non-residential property in Dubai
Dubai’s booming property market is encouraged by the war in Ukraine.
The Emirati real estate broker Best houses published a report on Tuesday on Dubai real estate market in the third quarter of 2022. Russian citizens were the nationality with the most non-residential property purchases during the quarter, followed by the British, according to the report.
The managing director of Betterhomes said Reuters that the war with Ukraine and Russia’s military project are pushing Russians to buy property in Dubai.
Regarding UK citizens buying homes in Dubai, Betterhomes said that people there “see the value of buying real estate in Dubai and the various benefits it undoubtedly offers, such as safety, sunshine and endless opportunities”.
Lebanese citizens were eighth on the list. Lebanon faces a devastating economic crisis at the moment, prompting the elites and the poorest to flee.
Why is this important: The Dubai property market is booming this year. Real estate transactions in the largest city in the United Arab Emirates from January to May this year have been a 13 year old top.
Betterhomes determined that apartment sales increased by 76% while townhouses increased by 55% in the third quarter of this year, compared to the same period in 2021. The sale of villas on the other hand fell by 5%, according to the report.
Know more: A significant number of Russians have been liquidating money through UAE-based cryptocurrency exchanges this year in response to Western sanctions related to the war in Ukraine. Read Sébastien Castelier’s memo for Al-Monitor PRO on the subject for more information.