Buyers from Egypt, Lebanon, Pakistan, and Turkey showed a notable increase.
Indian property investors surpassed Russians, securing the top position in Dubai’s real estate market in 2023, according to the latest data released by Betterhomes.
The statistics indicate that British and Russian buyers claimed the second and third positions, respectively. This represents a shift from the 2022 scenario, where Russians, British, and Indians held the top three spots in the local property market.
In 2022 and 2023, Dubai experienced unprecedented demand, leading to record prices for villas and apartments. This surge was driven by high-net-worth individuals and an increase in the expatriate worker population in the emirate.
Additionally, high capital and rental returns attracted foreign investors, injecting billions of dirhams into the real estate market last year.
“Dubai’s real estate market continued to attract global attention, offering attractive returns, security, a great lifestyle, tax efficiency, and a business-friendly environment for its expatriate population. Dubai witnessed a substantial population increase, exceeding 100,000 new residents in 2023, highlighting the city’s sustained growth and enduring appeal,” stated Richard Waind, CEO of Betterhomes.
In 2023, key communities in Dubai saw a widespread increase in the average sales price of villas, ranging from 15 to 30 percent. A shortage of available inventory led to substantial increases in popular expat communities such as Arabian Ranches (up 25 percent), Dubai Hills Estate (up 29 percent), and Jumeirah Village Triangle (up 29 percent). Two exceptions were Palm Jumeirah, where the average price of frond villas surged by 74 percent, and Jumeirah Golf Estates, where the average sales price saw a marginal decrease of 1 percent.
Apartment prices also rose, with a widespread increase in the average sales price of 8-20 percent in key communities across Dubai. Notably, Downtown Dubai (up 17 percent), Dubai Hills Estate (up 21 percent), and Jumeirah Golf Estates (up 21 percent) showed strong performance.
The brokerage house noted a significant increase in buyers from Egypt, Lebanon, Pakistan, and Turkey, underscoring Dubai’s continued role as a global haven for geopolitical and economic stability.
Among the other top 10 investors, Egyptians secured the 4th position, followed by Lebanese, Italians, Pakistanis, Emiratis, French, and Turks.
Interestingly, the annual study released by India Sotheby’s International Realty revealed that Dubai is the top destination for Indian investors when investing in the overseas property market, followed by the US.
Publish January 22, 2024
Source: https://www.khaleejtimes.com/business/realty/indians-russians-and-british-buyers-are-dubais-top-property-investors-in-2023
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