Indians outpaced the British to become the highest investors in Dubai real estate in the third quarter of 2023, according to a report by UAE-based property consultancy Betterhomes Real Estate. Indians are buying more property in Dubai to secure the Golden Visa as well as for investment purposes.
While India led the rankings, peer Russia dropped out of the top 3 rankings for the first time in 18 months, owing to a churn in the country’s economy led by the War with Ukraine. The conflict and the accompanying embargos against Russia have accelerated the devaluation of the ruble. In the third quarter of 2023, Dubai recorded 28,249 deals, up 4 per cent on a sequential basis and 23 per cent on-year basis according to the report.
With the appetite for overseas investment expanding among Indians, the prices of luxury real properties in Dubai have also spiked 50 per cent in the year ending June. The country’s real estate remains among the most expensive in the world for 8 straight quarters, according to the report. Prices are up 225 per cent since the pandemic in 2020, when record lows were reached in the third quarter, according to the report.
Among the top buyers by country, the Egyptians and the Lebanese are tied at the third spot. Further down, the Italians and the Germans are tied at the 8th spot on the list of highest property investments by nationality in Dubai, according to the Betterhomes Real Estate Q3 2023 Residential Market Report.