UAE - Indians, British and Russian were the top three investors in Dubai’s real estate market in the second quarter of 2023, according to a study by Betterhomes. Buyers from the South Asian country, who have traditionally been the top investors in the local property market, dethroned their British counterparts from the top position in Q2.

After slipping out in the first quarter, Pakistani investors also returned to the top 10 positions as political and economic instability in the South Asian country is driving investors to look for investment opportunities elsewhere.

“Dubai’s real estate sector continues to see strong international demand from across the globe, as people seek a safe haven, tax efficiency and positive investment returns,” it said in its second-quarter report.

Dubai has seen a massive influx of high net-worth individuals in the post-pandemic period, especially from the Indian subcontinent, Europe and other regions. It is estimated that the UAE will attract 4,500 millionaires this year alone, the second highest after Australia. Last year, 5,200 millionaires migrated to the UAE, the highest migration of high-net-worth individuals to any country.

This has driven demand and prices for local property to record highs.

As per CBRE data, Dubai’s average prices grew at the strongest pace since late 2014, increasing by 16.9 per cent in the year through June 2023. This is up from the 15.9 per cent growth registered a month earlier. Over this period, average apartment prices grew by 17.2 per cent and average villa prices by 15.1 per cent.

In addition to India, UK and Russia, investors from Egypt, UAE, Turkey, Pakistan, Italy, Lebanon and France made up the top 10 list, said Betterhomes.

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