Last year, buyers from India and the United Kingdom accounted for the most transactions, with Russians – who topped UAE’s list – ranked as the third-largest buyers. Notably, there was a significant increase in buyers from Pakistan as well – ranked as the 7th largest – Egypt, Lebanon, and Turkey, indicating Dubai’s continued role as a global haven for geopolitical and economic stability.
A significant boost in UAE property rates
According to a survey, Dubai’s population added another 100,000 residents in 2023, and the property market also saw record purchases and rates. Eventually, prices went up by approximately 18% last year, an acceleration of an 11% increase since 2022.
Details further reveal that the top property buyers in Dubai were from India, the United Kingdom, Italy, Russia, and France, in that order, followed by Canada, the United Arab Emirates, Pakistan, and Egypt. Demand was boosted by geopolitical instability in Europe and mortgage buyers looking to get in ahead of well-telegraphed interest rate hikes.
Pakistanis in Dubai’s real estate have pivoted a tad from buying properties for investment purposes to looking to relocate to the city. Quoting an official at renowned developer DAMAC Properties, the report added that most Pakistani buyers are usually in their 40s or above, although there are some in their mid to late 30s who are also interested.
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In its cosmopolitan push, Dubai has also enacted social reforms such as decriminalizing alcohol and the cohabitation of unmarried couples. Last week, an international report stated that the sale of top-tier luxury homes – $25 million (DHS92 million) and above – doubled to 56 in the past year in Dubai due to scarce availability.
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