Russians’ demand to purchase housing in the United Arab Emirates (UAE) increased sharply in December 2023 following the recession. This was reported by “lenta.ru” with reference to data from the analytical agency Ageeva Real Estate.
According to the agency, interest in real estate in the UAE in the last month of last year increased by 12.2% compared to November.
This is the most significant increase since January 2023. At the same time, throughout the year, Russians’ demand for housing in the Emirates decreased by 24.7% compared to 2022. In December, this rate was 50.5% lower than at the end of 2022.
Before that, experts had noted that Russian buyers were increasingly interested in more affordable housing in Abu Dhabi and other emirates. This is an alternative to the more expensive Dubai.
At the end of December it became known that Russians are interested in purchasing foreign real estate decreased 32-45%, especially in Türkiye (60-70%) and UAE (25-30%). The average transaction size increased by 23.5% in 2023, reaching 247 thousand Euros. This is because demand will decrease after the migration boom in 2022 due to the start of the SVO and partial mobilization.
existed before named Share of displaced people returning to Russia.