Pakistanis are among the top 10 buyers of Dubai property

In 2023, Indians emerged as the leading investors in Dubai’s real estate, surpassing Russians who held the top position in the preceding year, as reported by Better Homes, a property consultancy based in the emirate.

The real estate market in Dubai witnessed substantial growth, experiencing a record surge in property transactions and prices, marking an approximately 18% increase, a significant acceleration from the 11% observed in 2022. The report underscored that the total value of Dubai properties sold in 2023 reached AED 322 billion, reflecting a remarkable 52% year-on-year increase. The city’s population also expanded by 100,000 residents during the year, contributing to the robust performance of the real estate market.

Indian and UK buyers led property transactions, with Russians now ranking as the third-largest group of buyers. Notably, there was a substantial increase in property purchases by Pakistanis, elevating them to the seventh-largest buyer group. Buyers from Egypt, Lebanon, and Turkey also demonstrated a noteworthy rise in real estate transactions.

Dubai’s GDP grew by 3.3% between January and September 2023, as reported by the state news agency WAM. The accommodation and food services sector experienced significant growth of 11.1%, while transportation and storage services, as well as the information and communications sector, also witnessed positive growth of 10.9% and 4.4%, respectively. In November 2023, Dubai’s property market reached new heights, surpassing a previous record set in September 2014, according to Property Monitor. Various communities in Dubai saw a widespread increase in the average sales prices of villas, ranging from 15% to 30%. Shortages in available inventory contributed to substantial increases in popular expat communities, such as Arabian Ranches (up 25%) and Dubai Hills Estate (up 29%).

The luxury real estate market in Dubai, following a record-breaking 2022, maintained its momentum in 2023, witnessing an impressive 89% growth in transactions involving properties valued over AED 15 million.

Factors contributing to the attractiveness of Dubai’s real estate market included the appeal of long-term visas, a favorable tax regime, the overall lifestyle, and the relative affordability of luxury homes. Better Homes estimated that around 4,500 millionaires had relocated to the UAE in 2023.

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