Record demand of Russians to buy housing in Dubai

Many experts confirm the steady growth in demand for the purchase of real estate in Dubai.

At the same time, many add that the market was interesting to investors even before the "special operation" in Ukraine. As it is specified, in 2021 the value of real estate in Dubai increased by 40%, and from January to February of this year - by another 7%. According to our colleagues, now deals in Dubai are in the range of $272.26-816.78 thousand.

Now about 300 thousand Russian speakers live in Dubai — this is 10% of the emirate's population. In it, Russians are attracted by the absence of a real estate tax and income, as well as the opportunity to obtain a residence permit (residence permit) when buying a home from $ 200 thousand or through the opening of companies. In addition, the UAE is one of the few foreign destinations with which Russia has managed to maintain direct flights.

Non-residents of the UAE can buy real estate only on the primary market, directly from the developer. There are a lot of residential complexes and new projects under construction in Dubai now. But there are fewer ready-made apartments in new buildings to come and live right away. But, since a non-resident cannot buy an apartment on the secondary market, it is new buildings that are most in demand now. Apartments in new and still under construction buildings are quickly sold out. Deals are made every day. The preferences of foreign buyers of real estate in Dubai, including Russians, have also not changed: apartments and villas are within walking distance from the sea, if possible - on the first line. However, the speed of decision-making has increased.

As for rent, its cost has been steadily increasing in recent years. In addition, the EXPO exhibition is currently being held in Dubai, where, even despite the pandemic, thousands of guests from all over the world come.

As a result, the prices of apartments in the areas close to the exhibition (Dubai Marina, Jumeirah Lakes Towers and Jumeirah Beach Residents) are kept at a very high level. Adding to this an increase in the number of requests from citizens of Russia and other CIS countries, there is no need to talk about lowering the cost here.