Dubai real estate is at its peak, as the city’s red-hot property market attracted a large number of investors in the first half of the year. A property consultancy claims an 85 percent increase in the value of the property sold.
Pakistan was ranked eighth among top buyers, while Russia was ranked first.
Residential real estate transaction volumes increased by 60% in the first half, while property values increased by 85%. India, the United Kingdom, Italy, Russia, and France were the top buyers, in that order, followed by Canada, the United Arab Emirates, Pakistan and Egypt tied for eighth place, Lebanon, and China.
According to Betterhomes, demand was boosted by geopolitical instability in Europe and mortgage buyers looking to get in ahead of well-anticipated interest rate hikes as central banks combat inflation.
According to Reuters, Russians are pouring money into Dubai real estate as a safe haven in the aftermath of Western sanctions imposed on Moscow for its invasion of Ukraine.
“Despite rising interest rates and a strengthening dollar, the market has proven to be robust with little sign of slowing,” Betterhomes said.