Following the intensified conflict in Ukraine, demand from Russian buyers for luxury property in Dubai surged, contributing to a surge in overall home sales in 2022. In the past year, more than 90,000 real estate transactions were completed in the Emirate of Dubai, a figure that eclipsed the 2009 peak of 81,800 sales and underscored a broader revival in Dubai’s property market. Rentals also grew, rising by about 11 percent as investor interest remained strong and developers continued to expand offerings for high-net-worth buyers and institutional investors alike. The surge was widely attributed to heightened appetite among Russians for Dubai real estate (compiled from CBRE Group analytics and reported by Bloomberg).
Industry analyst Taimur Khan, who heads the analytics division at CBRE Group, notes that Russian purchasers have shown a strong tilt toward luxury property. He cautions that the available data does not publicly disclose the share of Russian buyers within the overall investor pool for Dubai real estate, leaving some questions about market composition unanswered. His observation highlights a trend where premium segments have led transaction volume, even as total investor participation remained diverse across regional sources.
In late December, the Financial Times reported, citing unnamed sources, that European buyers, Indian investors, and Asian financiers form the major competing cohorts for property buyers in Dubai. The report points to climate and tax advantages as key pull factors for Europeans, alongside Dubai’s status as a stable, global hub for business and leisure. These dynamics illustrate a competitive landscape where buyers weigh lifestyle benefits against shifts in economic or geopolitical risk, with Dubai remaining a favored destination for high-end real estate amid global market fluctuations. The emphasis on climate and tax considerations helps explain why wealthier buyers from multiple regions view Dubai as a strategic investment and a secure second home.