Citizens of the UK, India, and Russia have become the biggest investors in the Dubai real estate market in the first quarter of 2023. Who else is in the top ten investors?

“Interest in the real estate sector in Dubai has not waned as people around the world continue to look for safe havens, tax advantages, and lucrative investment opportunities. The first quarter showed that the largest number of real estate transactions in Dubai were with buyers from the UK, up 60% year-on-year.” “They were followed by buyers from India,” Betterhomes said in its first quarterly report.

In addition to Britons, Indians, and Russians, the top ten investors included those from Italy, Lebanon, Egypt, Turkey, France, China, and the UAE.

According to the report, Europeans and Russians have recently outpaced those from the Indian subcontinent in investing in Dubai properties. This is due to several factors, including rising costs in Europe, effective measures taken by the emirate to overcome the pandemic, a stable economy, the possibility for foreigners to fully own real estate, and the introduction of 10-year “golden visas”.

Investors from India previously held a leading position in the local real estate market but slipped to third place last year and second in the first quarter of 2023. At the same time, Pakistani investors, who previously ranked in the top 10, dropped out in the first quarter of 2023 due to the South Asian country's strong currency depreciation over the past year.

“The UAE real estate market has managed to maintain attractive prices and provide higher returns than most of Europe. Today you can get returns of up to 8%, which is very high compared to what any European country can offer,” said Ayman Youssef, vice president of Coldwell Banker UAE.