Top luxury property buyers in Dubai: Chinese, British investors overtake Indians

Top luxury property buyers in Dubai: Chinese, British investors overtake Indians

The emirate's real estate sector continues to see strong international demand from across the globe, as people seek a safe haven, tax efficiency and positive investment returns

Published: Wed 31 May 2023, 3:46 PM

Chinese and British investors have emerged as top luxury residential property buyers in Dubai in 2022, overtaking Indians who have traditionally been the top buyers over the years.

According to global real estate consultancy Knight Frank, Indian investors were the third top property buyers in the emirate last year in the high-end segment.

In the pre-pandemic years of 2018 and 2019, Indians, Emiratis and Saudis were the top three investors.

Indian millionaires have set an average budget of $10-20 million to buy a home in Dubai, while 11 out of 15 are keen to purchase a residential property in Dubai. Indian high-net-worth investors expect annual capital appreciation of 5 to 10 per cent, while the most popular target location for a branded residence in Dubai is Creek Harbour.

Knight Frank's global survey covered 183 global high-net-worth individuals (HNWI), each with a net worth of more than $3 million, excluding the value of their main home or primary residence, in partnership with YouGov. The survey in India covered millionaires with an average wealth