We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sat 6 Aug 2016 12:55 AM

Font Size

- Aa +

Russian investors seen returning to Dubai real estate market

PropertyTrader.ae sees renewed interest following 2015 drop-off caused by record fall of the Rouble

Russian investors seen returning to Dubai real estate market

Russian investors are returning to the Dubai real estate market after staying away due to a record fall in the value of the rouble last year, it has been claimed.

Statistics published by Dubai real estate portal PropertyTrader.ae for the first half of 2016 have revealed a significant rise in overseas enquiries from Russian site visitors – indicating a renewed interest in the emirate as an investment hotspot.

Although Russia has always been a key market for Dubai, especially for property purchases in glamorous communities such as Emirates Hills and the Palm Jumeirah, interest dipped after the record fall of the Rouble earlier this year amid the oil price slump.

“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 percent of our overall traffic, yet in July it was up by nearly three times at 17 percent - 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 to Dubai for its luxury property when compared to many other cities, while low taxes and year-round warm weather are other factors that lure investors there.

In 2015, the Dubai Land Department ranked Russian investors as the sixth largest group of foreign buyers in Dubai’s realty sector.

Arabian Business: why we're going behind a paywall

For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.
GUS 4 years ago

I do not agree with article that Russians are back in UAE real estate market. On the contrary, Russians are exiting UAE real estate market, incurring losses in Dirhams on the sale of their unit but realising significant foreign exchange profits in Rouble. Many Russians have doubled their investment in Rouble due to weakened currency.