Dubai, UAE– Dubai real estate market recorded deals worth AED3.1 billion ($843 million) on Wednesday, according to Dubai Land Department.
The deals included 598 sales transactions worth AED1.55 billion, in addition to 68 mortgage deals of AED1.48 billion on Thursday.
The sales included 547 villas and apartments worth AED1.13 billion, and 51 land plots worth AED421.05 million.
The mortgages included 56 villas and apartments worth AED1.14 billion and 12 land plots valued at AED337.02 million.
Super rich Russians lift Dubai realty prices up
According to Better Homes Consulting, Russians made up the largest segment of foreign real estate buyers in Dubai last year.
The emirate witnessed more than 86,000 residential real estate sales in 2022, surpassing the record of 80,000 registered in 2009.
In 2022, Dubai achieved record results in real estate deals, with a total value of US$143 billion, according to the Dubai Government Media Office, describing the matter as an “extraordinary” achievement.
It said that the real estate sector in the emirate has posted exceptional results, achieving a growth rate of 44.7 percent in terms of volume, and 76.5 percent in terms of weight compared to 2021.” The real estate sector makes up about a third of Dubai’s economy.
The UAE, in recent years, has been a popular destination for entrepreneurs, skilled workers looking to relocate. In addition, consistent rulemaking updates and the introduction of new visa categories and rules help expand opportunities for people everywhere to relocate to the UAE.
Dubai saw a surge in real estate investment to the tune of US$4 billion in the first quarter of 2022.
“Russian citizens were the nationality with the most non-residential real estate purchases in the quarter,” said Inga Brykulsa, a property consultant at Driven Properties.
According to a 2022 report released by Driven Properties, the number of Russians who bought property in Dubai shot up by 164 percent in the first quarter of 2022.
Several well-to-do Russian families are setting up family offices in Dubai in anticipation of the next decade, and most Russian buyers in the city are from the middle-class or above.