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Eurasia
28/01/2024 13:23
Indian property investors surpassed Russians to claim the top position as the leading buyers of real estate in Dubai in 2023, according to latest data released by Betterhomes.
The statistics reveal that the British and Russian buyers secured the second and third positions, respectively. This marks a shift from the 2022 scenario, where Russians, British, and Indians held the top three spots in the local property market, Khaleej Times reported.
Dubai witnessed unprecedented demand in 2022 and 2023, pushing prices to record last year for both villas and apartments, driven by high net-worth individuals and an increase in the population of expatriate workers in the emirate.
In addition, high capital and rental returns have also attracted foreign investors, pumping billions of dirhams into the real estate market last year.
"Dubai's real estate market continued to draw global attention, offering attractive returns to investors, security, a great lifestyle, tax efficiency, and a business-friendly environment for its expatriate population. Dubai experienced a substantial population increase, surpassing 100,000 new residents in 2023, emphasising the city's sustained growth and enduring appeal," said Richard Waind, CEO, Betterhomes.
The brokerage house said there was a significant increase in buyers from Egypt, Lebanon, Pakistan and Turkey, indicating Dubai’s continued role as a global haven for geopolitical and economic stability.
Among the other top 10 investors, Egyptians came 4th, followed by Lebanese, Italians, Pakistanis, Emiratis, France and Turkish.