Russian and Chinese investors put money in Dubai real estate
Super-rich Russian and Chinese investors are investing in luxury real estate in Dubai.
The growing demand for luxury real estate among investors from Russia and China has contributed to the exponential growth of the real estate market in the UAE, as industry insiders told the Arabian Business Internet news portal.
As geopolitical tensions and economic uncertainty persist in both regions, rich people from both countries are increasingly coming to Dubai in an effort to get high returns and a safe haven for their capital.
“Dubai and Abu Dhabi have attracted the largest volume of investments this year,” said Adil Akhtar, CEO and Founder of Foreman Fiefdom Real Estate. “The significant growth of the luxury real estate sector deserves special attention.”
The influx of foreign investors has led to a sharp increase in prices in the luxury real estate segment of Dubai. In the Al Barari area, the number of real estate transactions increased by 400%, and the clientele mainly consisted of super-rich buyers.
The growing demand has also affected the number of real estate transactions. According to Mr. Akhtar, the sector of housing under construction in Abu Dhabi and Dubai has seen an increase in demand by 94.1% and 43.3%, respectively, since the beginning of the year.
At the moment, the level of demand for luxury real estate is equally high, both among Russians and Chinese. Russians most often purchase real estate in areas such as Dubai Marina, Palm Jumeirah and Jumeirah Beach Residences.
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