Russian demand for real estate in Dubai has decreased sharply in recent months. This was due to the weakness of the ruble and rising real estate prices in the Emirate. This summer, Russians sold real estate in Dubai worth almost double what they bought, Bloomberg reported.
Russians have become less interested in buying real estate in Dubai. In the period from June to August 2023, Russian citizens bought real estate in the Emirate worth half of what they sold: $39.9 million versus $75.1 million, Abdullah Aladjaji told Bloomberg, director of the Driven Properties real estate agency.
The decline in demand for real estate in Dubai was due to the increase in its value (+30% in the last two years), as well as the fall in the exchange rate of the ruble against world currencies, brokers told the agency.
In the third quarter of 2023, Russians ranked fifth among foreigners in the number of real estate transactions in Dubai. According to the results of the second quarter, Russian citizens took third place in this list. According to Bloomberg, the biggest drop in demand is seen in the luxury real estate market in Dubai.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
