The second quarter of 2023 witnessed a strong presence of international investors in Dubai’s real estate market, with buyers from India, the United Kingdom, and Russia leading the pack, according to a study conducted by Betterhomes. In a notable shift, Indian investors surpassed their British counterparts to claim the top position during this period.
Following a temporary decline in the first quarter, Pakistani investors also made a comeback, securing a place in the top 10 investors. Political and economic instability in Pakistan has compelled investors to seek alternative investment opportunities elsewhere.
Betterhomes’ second-quarter report highlighted the continued robust demand for Dubai’s real estate sector from around the world, as individuals seek safe havens, tax efficiency, and positive investment returns.
Post-pandemic, Dubai has experienced a significant influx of high-net-worth individuals, particularly from the Indian subcontinent, Europe, and other regions. The UAE is projected to attract approximately 4,500 millionaires in 2023, ranking second globally after Australia. In the previous year, the UAE witnessed the highest migration of high-net-worth individuals, with 5,200 millionaires relocating to the country.
This surge in affluent individuals has propelled demand and prices in the local property market to reach record highs.
According to data from CBRE, Dubai’s average property prices experienced their most substantial growth since late 2014, with a 16.9% increase in the year leading up to June 2023. This surge surpassed the 15.9% growth recorded in the previous month. Specifically, average apartment prices rose by 17.2%, while average villa prices increased by 15.1%.
In addition to India, the UK, and Russia, investors from Egypt, the UAE, Turkey, Pakistan, Italy, Lebanon, and France also comprised the top 10 list, as reported by Betterhomes.
Original article reference: Khaleej Times.