Dubai’s housing market had its best ever start to the year driven by higher demand from local residents and bigger flows from outside buyers including Russians, according to real estate adviser CBRE Group Inc.
Total transactions reached 19,009 in the first three months of the year, which “is the highest total ever recorded in the first quarter,” according to the CBRE report. The only other period to see higher transaction volumes was the second and third quarters of 2009, when around 33,000 and 23,000 properties changed ownership, said Taimur Khan, head of research at CBRE.
Dubai’s property market is recovering from a seven-year slump helped by a combination of factors including European investors worried about a potential surge in taxes at home and an increase in Russian buyers looking to safeguard their wealth.
Russians have long been big buyers of luxury homes in the glitzy emirate, traditionally featuring among the top 10 nationalities to invest in its real estate. Brokers say they’ve been snapping up property in recent months as their country faces sanctions over its invasion of Ukraine. The Middle East business hub has also emerged as one of the favorite destinations for some international firms, including Goldman Sachs Group Inc., seeking to relocate staff from Russia.
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