Chinese buyers look set to reclaim their spot on the UAE’s list of top property purchasers this year after they slipped out of the rankings during the Covid pandemic. Driven Properties, a Dubai-based company with offices in China, said investments were starting to pick up. The company handled more than Dh64 million in Dubai property sales to Chinese buyers so far this month and said this barely scratched the surface of transactions expected.
In 2018, the Chinese were among the top four foreign nationalities who invested in Dubai property, alongside Indians, Britons and Pakistanis, according to Dubai Land Department data. The pandemic and Ukraine war, however, have altered the current pecking order.
Russian buyers held the top spot in 2022, followed by buyers from the UK, India, Germany and France, according to the latest figures. “There are obvious absentees from the recent list, the Chinese, and we have seen signs that the Chinese are coming back,” Abdullah Alajaji, Chief Executive of Driven Properties. The company has offices in Beijing and Shenzhen and will increase the number of seminars across China and tours to the UAE for prospective buyers.
This comes after China ended Covid-19 quarantine rules earlier this month. “We are positive about Chinese investments coming back and that is what is giving me hope that the 2023 market will still be strong,” he said. “We believe that China is the new Russia. “By far the largest group of investors now are Russians and buyers from Europe. “But the trend we are seeing, and this is data only of the last two months, is that we will see Chinese investors come in.
The Dubai Land Department had announced plans to increase promotional activity in China a year before the pandemic shut national borders. Investments from China were put on hold as strict quarantine rules prevented travellers from visiting the UAE to inspect properties.
Buyers from China typically select studio apartments. The popular areas include Dubai Downtown, City Walk and Business Bay. Apartments in City Walk, Dubai are sought after among Chinese investors. Apartments in City Walk, Dubai is sought after among Chinese investors. “It’s interesting to see the difference in terms of different demographics.
Housing markets globally that performed well during the pandemic have been hit due to rising interest rates, although the impact has not yet been felt in the UAE. As Chinese investors typically do not take on mortgages, Alajaji expects the UAE market to remain strong.
