Since the beginning of 2023, 95% of Russian real estate buyers in the UAE bought it mainly for investment purposes, but by the end of the year the situation has changed – now buyers prefer to purchase housing for their own residence. This is evidenced by the report of Russian Sotheby’s International Realty analysts on last year’s results in the real estate market of Arab countries; socialbites.ca has a copy.
This trend is also confirmed by the average cost of a transaction for the purchase of real estate by Russians – 570 thousand dollars. This amount is only slightly above the minimum threshold for investment in real estate to obtain a residence permit in the UAE.
Dubai remains the most popular destination. According to the local Land Department, more than 81 thousand new properties were launched here in 2023; This means an increase of 25 thousand compared to the previous year. The number of completed objects also increased by 4 thousand, reaching over 35 thousand.
“Russians in the regions invest most in Dubai real estate (58%), followed by Muscovites (22%) and Russian expats permanently residing in Europe (20%),” said Alexandra Kalcheva, head of the Middle East Department at Sotheby’s International in Russia. Real estate.
The company’s experts also noted an increase in demand for real estate in Abu Dhabi and Ras al-Khaimah; the number of transactions here increased by 82% and 41% respectively. Analysts point out that new investment trends have emerged among the Gulf countries (Oman, Qatar, Bahrain and Saudi Arabia).
According to forecasts, next year the positive dynamics in the real estate market of the region will continue, including the introduction of a single tourist visa for the Gulf countries by 2025. This may increase tourism and real estate demand.
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