Dubai real estate: British nationals top property buyers among expats, report says
January 12, 2022, Arabian Business
Dubai Land Department saw record-breaking sales numbers in 2022 with over 97,398 sales transactions. British nationals dominated the market as top buyers of 2022 followed by Indians, French and Russians, according to a report by Allsopp & Allsopp.
The market for top property buyers in 2022:
British – 21.2%
Indians – 11.9%
French – 4.2%
Russian – 3.7%
The number of cash buyers and mortgage buyers were close for sales transactions in 2022, cash buyers were at 41 percent and mortgage buyers were at 59 percent.
In 2022, apartments accounted for over 68 percent of sale transactions, 84 percent of rental transactions, 82 percent of off-plan sales transactions, indicating the return of small city living.
Dubai has been recognised as a world-class residential destination due to its lifestyle, safety, security and infrastructure factors.
The relaxation of visa rules has also made it easier for expats to invest and seek long-term residency in the UAE.
The top three villa transactions in 2022 were:
AED600,000,000 villa in Palm Jumeirah
AED302,500,000 villa in Palm Jumeirah
AED280,000,000 villa in Palm Jumeirah
The top three apartment transactions in 2022 were:
AED163,461,539 at the Royal Atlantis, Palm Jumeirah
AED145,000,000 at Jumeirah Living, Marsa Al Arab
AED133,150,000 at Bulgari Lighthouse, Dubai
Last year, Arabian Business reported that the Dubai real estate boom has attracted international buyers, looking for second homes and/or investments.
“We all know that Russians buyers have been particularly active in the UAE over the years and historically speaking, they typically gravitate towards waterfront properties,” said Sean McCauley, Devmark Group told Arabian Business.
An increase of French, European and German buyers have entered the market which indicates increasing confidence in the market from global buyers.