Russian demand for housing in the United Arab Emirates surged in December 2023, following a regional economic downturn. The trend was reported by the Russian outlet lenta.ru, citing data from the analytical firm Ageeva Real Estate. The analyst group noted that interest in UAE real estate increased by 12.2 percent in December compared with November, marking the sharpest month-over-month rise since January 2023. Over the entire year, however, Russians’ appetite for property in the Emirates fell by 24.7 percent relative to 2022, with December showing a demand level about 50.5 percent lower than the previous year-end. This divergence underscores how short-term fluctuations coexist with longer-term declines in cross-border real estate activity. Source: Ageeva Real Estate via lenta.ru.
Before December, experts observed a tilt toward more affordable housing options in Abu Dhabi and other emirates as Russians searched for value amid the broader market. The shift suggested that buyers preferred options that could balance price with potential rental yields or future resale opportunities, rather than sticking with the higher price points found in Dubai. This pattern reflects a broader strategy among displaced buyers to diversify risk while maintaining access to property investments within the United Arab Emirates. Source: Ageeva Real Estate via lenta.ru.
Toward the close of December, data indicated that interest from Russians in acquiring foreign real estate contracted by 32 to 45 percent, with Türkiye experiencing a steeper decline of 60 to 70 percent and the UAE a reduction of 25 to 30 percent. Despite these reductions, the average size of a real estate transaction in 2023 rose by 23.5 percent, reaching 247 thousand euros. Analysts attribute this growth in average deal size to a cooling migration wave after the 2022 relocation surge triggered by the military conflict and partial mobilization in Russia, which prompted many buyers to reassess their international property plans. Source: Ageeva Real Estate via lenta.ru.
In the context of market movements, the overall emphasis remained on how geopolitical and economic forces shape cross-border demand. The December uptick in UAE interest contrasts with a broader retreat in foreign property activity among Russians, highlighting a selective approach where buyers pursue higher-value opportunities in a constrained market environment. This nuance helps explain why some portfolios shifted toward emirate properties that combine strategic location, developing infrastructure, and potential for long-term value—especially in a landscape where financing conditions and currency considerations influence purchasing power. Source: Ageeva Real Estate via lenta.ru.