- Wealthy individuals from the UK, India and Russia are among the top buyers of Dubai real estate in Q2 2023.
- It is estimated that the UAE will attract 4,500 millionaires by the close of 2023.
- Dubai’s residential real estate prices increased by 16.9% from June 2022 to June 2023.
High net-worth individuals (HNWIs) from the UK, India and Russia have been found to be the biggest purchasers of real estate in Dubai in Q2 2023.
A recent study by Betterhomes, a company that manages private and commercial property, showed that Indian high net-worth buyers moved from second to first place, unseating British buyers from their Q1 position.
Investors from Pakistan re-entered the top 10 after slipping out during Q1, as political and economic unrest in the country has pushed investors to search for more profitable investments in other markets.
Betterhomes reported that India, the UK, Russia, Egypt, the UAE, Turkey, Pakistan, Italy, Lebanon and France comprised the 10 top investing countries.
Dubai experienced a substantial spike in the number of European and Indian HNWIs settling in the city. International HNWIs will need to use a safe money transfer method when buying property in Dubai.
The Land Department in Dubai also reported a sharp increase in real estate deals last week.
The most significant land transactions occurred in Al Quoz, with the first transaction totalling $18.5m, followed shortly afterwards by another pledge of the same amount.
It is projected that the UAE will receive an influx of 4,500 millionaires this year, the second highest of any country after Australia.
In 2022, 5,200 millionaires relocated to the UAE – the highest migration of wealthy individuals to any nation.
Dubai’s residential real estate prices experienced a 16.9% increase over the one-year period ending June 2023, according to the latest CBRE data – the highest growth rate since 2014.
Dubai has grown as a global hotspot for HNWIs and skilled wealthy internationals in the last 10 years due to its safe economy, tax incentives and warm climate.
International HNWIs considering investing in the real estate market in Dubai will need to find a secure way to make international payments between countries.
HNWIs looking to purchase luxury homes overseas can use our money transfer comparison tool to find the best available exchange rates.
