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Dubai-based developer Samana Developers said that buyers from EU countries took more part in the company's latest project than customers from Russia, China, Indians and other foreigners who were leaders among foreign buyers of real estate in the emirate market in the past. According to other developers, this new trend is noticeable throughout the real estate market.
Traditionally, the main investors in Dubai real estate have been Indians, Pakistanis, Britons and citizens of the Persian Gulf countries, except for UAE citizens, who account for most of the total investment volume. In the last two years, Russians have also expanded their presence in the emirate, investing billions of dollars in the local real estate market.
European property buyers continue to flock to Dubai, already outnumbering Asian investors in some new projects. EU citizens are attracted by more favorable bank rates, low taxes, favorable offers from developers. In addition, they are encouraged to look for new markets for investment by the impact of the Ukrainian military conflict on European economies.
Most of these buyers come to Dubai from countries such as Switzerland, Germany, France in order to receive higher rental and capital gains income than in the EU. British citizens also remain among the active purchasers of local real estate.
A large influx of foreign investment into Dubai in the post-pandemic period allowed the emirate's real estate market in March 2023 to almost reach record levels in 2014. This has not happened in the last 9 years.
"Recently, we have seen an increase in the number of European property buyers investing in the UAE. This is an extremely positive trend, as it expands sales volumes, our audience, as well as our reach," said Ayman Youssef, vice president of Coldwell Banker UAE. He stressed that most of the new buyers of real estate in Dubai come from Germany, France and Switzerland.
