Two prominent Russian property developers, Pioneer and Samolet, are weighing new project launches in Dubai. Industry insiders cited by Kommersant indicate discussions are at a serious planning stage as these developers look beyond domestic markets to sustain growth and diversify amid evolving conditions at home.
Industry executives note that specialists like Alexander Pestryakov, who oversees foreign projects at Becar Asset Management, described a strategic shift toward geographic diversification as a way to buffer against volatility in Moscow’s real estate cycle. In sessions with executives, Ekaterina Rumyantseva, chief executive of Kalinka, emphasized that the frontier for real estate expansion is broadening because the Moscow market has shown intense activity, compelling players to reassess geographic footprints and explore stable overseas opportunities.
Market analytics from Dataflat.ru highlight a broader sectoral trend, reporting that during the first eleven months, approximately 5.8 million square meters of housing stock were delivered, a figure that marks about a 24% drop against the same period in the previous year. This slowdown in supply, combined with softer pricing, contributed to a 11% decline in total revenue across the capital’s developers for the comparable window, settling at roughly 1.47 trillion rubles. Analysts point to mixed signals: higher volumes in certain districts, tempered prices, and growing demand in select international markets that could entice developers to rebalance their portfolios and seize new opportunities abroad.
For Dubai, the market narrative contrasts with the Russian picture. The emirate has reported a rising pulse in residential activity, supported by persistent demand and a steady stream of transactions. Kalinka’s team, drawing on market data for the emirate, estimated that 87.7 thousand residential real estate transactions were completed in the first eleven months of the year, signaling a year-on-year uptick of roughly 44% compared with the entirety of 2021. This momentum underscores why Dubai is increasingly viewed as a strategic target for long-term expansion by foreign developers seeking diversified exposure and access to a dynamic, internationally oriented buyer base.
Meanwhile, another media outlet observed that average prices for newly built housing in Russia began to ease as more than half of the bids in recent rounds were accepted at discounts of about 10%. Industry observers interpret this trend as a potential signal of cooling sentiment in some segments of the Russian market, which could heighten the appeal of overseas ventures where demand indicators remain robust and project timelines align with global capital flows.