Russian citizens are no longer the main buyers of real estate in Dubai, according to reports “lenta.ru”.
The document states that Russians began to more frequently sell apartments they had previously purchased in Dubai, and also canceled some previously planned purchases. Thus, last summer Russian citizens sold almost twice as much real estate as they bought.
This situation arose due to the depreciation of the ruble and the ongoing rise in real estate prices in Dubai. Housing prices there started rising three years ago, and by the beginning of September the increase was around 30 percent. Experts also cited saturated demand and restrictions on the monthly amount that some Russian banks allow to be sent to the UAE as other factors.
Therefore, the interest of Russian citizens in luxury real estate has greatly decreased. Now Russians practically do not buy real estate for more than $ 10-15 million, so buyers from the Russian Federation moved from first place to fifth place in terms of the volume of purchased real estate.
Lenta.ru emphasizes that domestic analysts recommend that Russians invest in real estate in Sochi instead of Dubai. The annual price increase in Sochi is around 20 percent.
It was previously reported that he was in Moscow. observed The demand for flats in newly constructed buildings is increasing rapidly.
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Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.