Who tops the list?.. Top foreign property buyers in Dubai in 2022

According to a report by Dubai-based real estate company Betterhomes, in the past 2022, Russian citizens topped the list of the largest foreign property buyers in Dubai, UAE.

Bloomberg reported that Dubai has turned into a haven amid geopolitical and economic uncertainty in other parts of the world.

She pointed out that the interest of Russians in the real estate sector in Dubai increased after the events related to Ukraine and the imposition of severe sanctions by Western countries on Moscow, which contributed to the increase in the value and number of sales to record levels. .

More than 86,000 home sales took place in Dubai last year, surpassing the previous record of 80,000 in 2009, according to Dubai-based Better Homes.

AED208bn ($56.6bn) worth of properties were sold last year, almost 80% more than in 2021. He added that price growth slowed to 11% in 2022 from 21% a year earlier.

The Dubai property market has reversed this trend in most parts of the world, with home values ​​plummeting amid rising interest rates and a bleak growth outlook. Prices and rents in the emirate have also surged thanks to bankers fleeing Asia’s strict lockdowns, Israeli investors, cryptocurrency millionaires and hedge fund executives after Dubai eased social restrictions to bolster its position as the region’s main business hub.

Top foreign property buyers in Dubai in 2022

Last year, property transactions in Dubai were dominated by European buyers, with non-residents from the UK, Italy and France making the top five.

Indian citizens came in third and Chinese shoppers rounded out the top five as the country’s strict “Zero Covid” policy imposed travel restrictions.

Better Homes expects a resurgence of Chinese investors in Dubai this year as the Asian country reopens.

The following is a list of top property buyers in Dubai in 2022:

Source: Bloomberg.