Russians eying Dubai’s property again

Since most of the world’s currencies tied up to USD started stabilizing many foreign investors are back to UAE real estate market.

This is evidenced by statistics from one of the leading real estate search portals in the UAE. Russia’s made up to 17% of overall site traffic in the last six months, the portal reports.

"As we looked at the statistics for the first six months of 2016, we noticed a definite increase in visitors from Russia and other major countries looking at homes for sale in Dubai," said the sales director of the mentioned property trader.

According to Global Property Guide, Dubai is still one of the cheapest world centers to buy property in after Monaco, London, Hong Kong, New York and Paris. An average per square meter price for Dubai’s property amounts to USD 5000. Besides, real estate ROI, including rental yields, is one of the world highest in Dubai and stands at about 7% per annum.

Dubai Land Department statistics also confirms that many foreign buyers from countries, where national currencies are highly dependent on the USD course, have now started to return to Dubai property market. In just two months, from April through May, foreign and local investors have almost doubled their activity increasing property investments by 92%.

The total amount of all real estate investments, including those made by Emirati and their neighbours for five months since the beginning of the year, was AED48 billion (USD13 billion) as of May. And foreign investments in Dubai real estate made by 127 nationalities amounted to AED12 billion (USD3.27 billion) for the above period. Britons, Indians and Pakistani, together with Russians form the largest groups of foreign investors interested in Dubai’s real estate.

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