Since the beginning of 2022, according to the BBC, the share of Russian buyers of real estate in Dubai has increased by 67%. And since the introduction of anti-Russian sanctions, when many foreign assets and accounts of our compatriots came under control and prohibition, the number of people wishing to buy housing in Dubai has increased significantly.
As a result, Russia rose from seventh to fifth place in the ranking of the most active investors in the Dubai real estate market.
Buyers are interested in both villas and apartments, because each of them has their own motive. Residential real estate in the coastal area attracts those who are interested in receiving income from an apartment rented out. Luxury housing is also in demand. Thus, in the spring of 2022, the most expensive purchase of a villa on the island of Palm Jumeirah was registered, which was sold for 280 million dirhams (75.5 million dollars, or more than 4.56 billion rubles). Many wealthy people are interested in purchasing premium real estate in Dubai, as this provides an opportunity to obtain a residence permit, provided that the cost of the property exceeds 1 million dirhams (267,000 dollars, or 16.3 million rubles). However, with a minimum investment, the residence permit will be valid for only six months or two years. For large deposits, two investment options with more favorable conditions are regulated. For many investors, the fact that the return on investment rating for Dubai real estate, the so-called ROI, has grown significantly since the beginning of 2022, has become a weighty argument. In recent years, Dubai has become a venue for many business forums and events. During major exhibitions, such as Expo and Arab Health, the number of people coming to the emirate increases significantly.
This is an opportunity for property owners to earn additional income from short-term rental housing, because the profitability of apartments in areas closest to the exhibition venue (for example, Dubai Sports City) increases sharply. The UAE policy in every possible way promotes the attraction of foreign investments, therefore business people from all over the world are interested in purchasing real estate.