Dubai property: British, Indian, and Russian buyers lead real estate market; Pakistanis slip out of top 10

Dubai property: British, Indian, and Russian buyers lead real estate market; Pakistanis slip out of top 10

Emirate's stable economy, 100% foreign ownership, Golden Visas and effective handling of Covid-19 worked as a magnet for most European investors

Published: Thu 27 Apr 2023, 9:48 AM

British, Indian and Russian nationals were top investors in Dubai's real estate market in the first quarter of 2023, according to Betterhomes’ latest figures released on Thursday. Among other nationalities, investors from Italy, Lebanon, Egypt, Turkey, France, China and the UAE made up the top 10 list.

Recently, investors from Europe and Russia have surpassed those from the Indian subcontinent in Dubai's real estate market due to several factors, such as the escalating costs in Europe after the Russia-Ukraine conflict, Dubai's effective handling of the pandemic, a stable economy, 100 per cent foreign ownership, and the availability of 10-year Golden Visas.

Previously, Indians topped the investors' chart in the local property market but slipped to third position last year and second in the first quarter of 2023. While Pakistani investors, who used to be among the top 10, dropped out of the ten lists in Q1 2023 as the South Asian country's currency has depreciated massively in the past year.

According to xe.com data, the rupee plunged from 50 against the UAE dirham in April last year