The demand for real estate in the UAE has increased
The demand of Russians for real estate in the UAE has tripled. Since the beginning of the year, the demand of Russians for real estate in the UAE has increased by 366%. The demand of Russians for real estate in the United Arab Emirates in January-April 2022 increased more than three times, namely by 366%, according to a study by the international broker Tranio. Mostly Russians invest in new buildings in Dubai at the start of construction, most often choose apartments in ready-made or almost completed new buildings in Dubai worth about US$ 205 thousand.
By the beginning of May, almost all apartments in this budget have been sold out in residential complexes with a deadline in the I and II quarters of 2023. As previously reported in the report of the brokerage company Betterhomes, in the first quarter of 2022 in Dubai, the number of real estate transactions carried out by Russians increased by 67%. Thus, Russia rose by two lines and took the fifth place in the ranking of the emirate's real estate investor countries. Russian buyers were in 7th place in 2020 and 2021. Investors from the UK topped the rating, and citizens of India, Italy and Canada also entered the top five. These data are evidence of an increase in the volume of Russian investments in the Middle East. According to experts, wealthy Russians, as a rule, invest in premium beach real estate. According to the Betterhomes report, the real estate market in Dubai is recovering after a seven-year recession. In the first quarter of 2022, a record–breaking deal was recorded - a 10-bedroom villa by the sea was sold on The Palm Jumeirah island for 280 million dirhams (US$ 76.2 million). The previous record was set in 2015 – a huge mansion was purchased for 185 million dirhams.
