Russians who want to buy real estate in the UAE need to rely on three main criteria: location, reputation of the developer and price.
Andrey Neginsky, UAE real estate market expert and founder of the analytical agency Neginsky Bureau, told socialbites.ca.
He explained that the location of the property is chosen depending on the investor’s strategy (resale, short-term or long-term rental or mixed approach). According to Neginsky, the drivers of the cost increase could be a lagoon, a new green park or golf courses that will appear in a few years. The expert added that if the location is limited (for example, an island or an area with already dense construction), prices there will increase faster than the market average due to limited supply.
Neginsky also called for review of the master plan developed by the Sheikhs, a plan for the development of the city until 2040. The expert explained that Dubai has been developing according to such plans for decades and, most importantly, they are almost 100% implemented. In his opinion, it is better to study the main directions of the development of the city according to the plan and find out where the authorities will invest money. Neginsky emphasized that if you buy real estate at such a point, its price will increase with the development of the region.
The last factor, related to the location of the object, he called the main ensemble. This is a single-concept residential area, mostly implemented by a single developer (Emaar, Nakheel, Meraas). Craftsman communities maintain a consistent design and landscape. According to statistics, each new building in the main ensemble is more expensive than the previous one, and the presence of new developers is practically excluded. If everything is built by a single master developer, the possibility of dumping is eliminated. Therefore, the probability of an unknown developer coming in and starting a project cheaper than a veteran developer is very low, the expert explained.
He added that choosing a developer is simple: the larger a company’s portfolio of completed projects, the higher the trust in it. Neginsky noted that the completed projects can be “touched” and examined, and that this is an important privilege when purchasing flats based on renderings and promotional videos in the Emirates market conditions. The expert advised that in addition to examining the developer’s previous projects, it is also important to examine the deadlines for the delivery of objects and whether there are delays that negatively affect investors’ strategies.
According to their estimates, 450 residential complexes are currently being built in Moscow and about 900 in Dubai. Neginsky announced that Russians were among the top three home buyers in Dubai, along with residents of India and the United Kingdom, in January – June 2024. .
“The real estate market in Dubai is one of the most dynamically developing markets in the world; attracting more and more buyers every year. So, for example, in September 2024, 16,159 transactions were made; This means an increase of 36.9% compared to a year ago,” explained the expert.
According to Bureau Neginsky, the average price of apartments in new buildings in Dubai in July – September was 378 thousand dollars, and square meters – 4-4.5 thousand dollars.
Previously reportedThere is a shortage of four-room apartments in the Moscow region.