Pakistanis are among the top 10 buyers of property in Dubai

ISLAMABAD, July 30 (Alliance News): An influx of investors boosted Dubai’s property market in the first half of the year, with Russian nationals among the top 5 buyers, fueling an influx of wealth to the emirate in the wake of Western sanctions.

Property consultancy firm Better Homes said in a report that the volume of residential real estate transactions increased by 60 per cent in the first half of the year, with an 85 per cent increase in the value of properties sold, foreign media reported.

The largest number of buyers were from India, United Kingdom, Italy, Russia and France, followed by Canada and the United Arab Emirates, while Pakistan and Egypt ranked eighth, followed by Lebanon and China.

Better Homes said in response to a query that the number of Russian buyers increased by 164 per cent from the first half of 2021 to the first half of this year, followed by 42 per cent and 18 per cent from France and the UK respectively, while the influx of investors from India increased. It fell by 8 percent and Italy by 17 percent.

Better Homes said geopolitical instability in Europe and increased demand from mortgage buyers looking to get ahead of the well-telegraphed interest rate hikes.

Earlier this year it was reported that Russians were seeking financial havens in Dubai properties in the wake of Western sanctions following Moscow’s invasion of Ukraine.

Better Homes said ‘the market has faced increasing headwinds in the form of rising interest rates and a stronger dollar but has so far proved robust with little sign of slowing’.

According to data from the Dubai Land Department, a record 37,762 units were sold in the first half of the year, with the residential property market trading at around AED 89 billion ($24.23 billion).

Early last year, Dubai’s property market began a recovery from a sharp 2020 downturn as buyers snapped up luxury units after the emirate eased pandemic restrictions faster than most cities around the world.

However, S&P Global Ratings said in October that Dubai’s real estate recovery was fragile and uneven, but that an oversupply of residential properties would pressure prices in the long term.

Better Homes said luxury property transactions were up 87 percent from the first half of last year, with apartments accounting for 62 percent of all transactions.

Investors dominated sales accounting for 68 percent of all buyers, up 10 percent from a year ago.

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