Realiste predicts a power shift in Dubai’s property market

Realiste predicts a power shift in Dubai’s property market

Dubai, UAE – Realiste, the UAE's leading artificial intelligence company, has shared valuable insights into the Dubai real estate market for 2023. A key trend to watch is the competition between Indian and Chinese investors as major players in the market.

According to Realiste's sources, Indians emerged as the largest homebuyers in Dubai in 2022, purchasing property worth Rs 35,500 crore. This figure is nearly double the amount spent by Indians in 2021. Indians accounted for a significant 40% of all homebuyers in Dubai last year, with most buyers originating from Delhi, the National Capital Region (NCR), Ahmedabad, Surat, Hyderabad, and Punjab.

The average price of a house purchased by Indian buyers in Dubai varied between Rs 3.6 crore and Rs 3.8 crore. This trend towards high-end purchases in Dubai coincided with a 30% decline in India's own rental market during the COVID-19 pandemic, pushing Indians to seek residences in Dubai.

Realiste's research suggests that the expansion of the UAE's Golden Visa program in 2022, which offers long-term visas and a host of benefits to foreign nationals, significantly contributed to the influx of Indian investors.

However, as per Realiste's predictions, Chinese investors are expected to re-emerge as top property buyers in Dubai in 2023.