The latest data from Betterhomes reveals that British, Indian, and Russian nationals were the leading investors in Dubai’s real estate in the first quarter (Q1) of 2023.

According to the report, the top 10 list also includes investors from countries such as Italy, Lebanon, Egypt, Turkey, France, China, and UAE.

European and Russian investors have surpassed those from the Indian subcontinent, and this shift is due to various factors, including rising costs in Europe following the Russia-Ukraine conflict, Dubai’s successful handling of the pandemic, a stable economy, the availability of 100% foreign ownership, and the option to get 10-year Golden Visas.

In the local property market, Indians used to be the main investors but they have fallen to third place in the rankings. Meanwhile, Pakistani investors, who used to be in the top 10, have dropped out of the list during Q1 2023, largely due to the massive depreciation of PKR within a year.

According to xe.com, PKR went from 50 against AED in April 2022 to 77.46 in April 2023. In 2022, Pakistanis were the sixth biggest investors in Dubai’s real estate market, according to Betterhomes data.

Najmeh Jafari, General Manager at Samana Developers, stated that Europeans were the top investors in their latest project, with buyers primarily from France, Germany, the UK, Netherlands, Sweden, Switzerland, Austria, Belgium, and Norway.

Similarly, Ayman Youssef, Vice President of Coldwell Banker UAE, confirmed that property buyers in Dubai were mainly from Germany, France, and Switzerland.

Source: Pro Pakistani