Dubai Real Estate: Russians Are Top Emaar Property Buyers as Demand Stays Strong - Bloomberg
Russians are the top buyers of properties from Dubai’s biggest developer, a sign that demand from investors seeking safe havens remains strong more than a year after Moscow’s invasion of Ukraine.
Emaar Properties PJSC didn’t provide the exact percentage of Russian buyers in a first-half investor presentation, but showed them as the largest segment of the market in a pie chart. Their appetite for property in the emirate have helped to push prices to record levels.
Sara Boutros, an analyst at CI Capital, estimates that Russians accounted for about 12% of buyers in Emaar developments this year, compared with second place in 2022 and ninth in 2020. Emaar has the biggest share of Dubai’s property market with around 30% of all home sales ahead of construction and acts as a proxy for the city’s wider real estate sector.
“We expect Russian flows to remain strong for the rest of the year,” she said. “That’s mainly due to the attractiveness of the luxury segment in Dubai where rental yields are very high and investment costs are low.”
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