Russians are showing an increased interest in buying properties in Dubai, according to statistics published by PropertyTrader.ae for the first half of 2016.
Although Russia has always been a key market for the emirate, especially for property purchases in communities such as Emirates Hills and Palm Jumeirah, interest dipped after the record fall of the Rouble earlier this year amid the oil price slump, but has bounced back.
“As we looked at the statistics for the first six months of 2016, we noticed a definite increase in visitors from Russia looking at homes for sale in Dubai,” said Umer Ali, Sales Director at PropertyTrader.ae.
“As an illustration, in January 2016 hits from Russia made up just 6 per cent of our overall traffic, yet in July it was up by nearly three times at 17 per cent – this is a significant upward trend.”
He added: “This ties in with just published research by Russian real estate agency Tranio, which placed Dubai at the top of the most popular cities for prospective property investors right now.”
Russia has traditionally been attracted the emirate for its vast array of luxury property when compared to many other cities, while low taxes and year-round warm weather are other factors that lure investors there.
They are also drawn to the city’s health and transport infrastructure, good education, and its safe haven status in the region. Amidst the prevalent slowdown, Dubai’s property market can surely benefit from the return of Russian cash.
In 2015, the Dubai Land Department ranked Russian investors as the sixth largest group of foreign buyers in Dubai’s realty sector.