DUBAI: Dubai’s red-hot property market surged within the first half of the yr as traders piled in, with Russians among the many high 5 patrons because the emirate advantages from an inflow of wealth within the wake of Western sanctions.
The primary half noticed residential actual property transaction volumes up 60 per cent with an 85pc rise within the worth of properties offered, property consultancy Betterhomes mentioned in a report.
The highest patrons had been from India, the UK, Italy, Russia and France, in that order, adopted by Canada, the United Arab Emirates, Pakistan and Egypt tied in eighth place, Lebanon and China.
The variety of Russian patrons surged 164ppc within the first half of this yr from the primary half of 2021, Betterhomes mentioned in response to a question. The numbers for France and Britain rose 42pc and 18pc, respectively, whereas these from India fell 8pc and Italy dropped 17pc.
Demand was boosted by geopolitical instability in Europe and mortgage patrons trying to get in forward of well-telegraphed rate of interest hikes, Betterhomes mentioned.
It was reported earlier this yr that Russians had been pouring cash into Dubai properties, looking for a monetary haven within the wake of Western sanctions on Moscow over its invasion of Ukraine.
“The market has confronted rising headwinds within the type of rising rates of interest and a strengthening greenback however has to this point confirmed to be sturdy with little signal of slowing,” Betterhomes mentioned.
Within the first half of the yr, a report 37,762 items had been offered, it mentioned, citing Dubai Land Division information, with residential property market transactions totalling almost 89 billion dirhams ($24.23bn).
Dubai’s property market started recovering from 2020’s extreme downturn early final yr with patrons snapping up luxurious items after the emirate eased pandemic restrictions quicker than most cities all over the world.
Nevertheless, S&P World Scores mentioned in October that Dubai’s actual property restoration was fragile and uneven, and an oversupply of residential properties would stress costs in the long term.
Luxurious property transactions had been up 87pc in contrast with the primary half of final yr, with flats making up 62pc of all transactions, Betterhomes mentioned.
Traders dominated gross sales, making up 68pc of all patrons, up 10pc in contrast with a yr earlier.