Dubai, UAE – Realiste, the UAE’s leading artificial intelligence company, unveils valuable insights into the Dubai real estate market for 2023, highlighting a significant power shift and the competition between Indian and Chinese investors.
Realiste’s sources reveal that Indians emerged as the dominant homebuyers in Dubai in 2022, surpassing all other nationalities with property purchases worth Rs 35,500 crore. This substantial figure marks a nearly twofold increase compared to the previous year. Indians accounted for a remarkable 40% of all homebuyers, primarily originating from Delhi, the National Capital Region (NCR), Ahmedabad, Surat, Hyderabad, and Punjab.
The average price of houses purchased by Indian buyers ranged between Rs 3.6 crore and Rs 3.8 crore. Notably, this preference for high-end properties in Dubai coincided with a 30% decline in India’s rental market during the COVID-19 pandemic, prompting Indians to seek residential options in Dubai.
Realiste’s research indicates that the expansion of the UAE’s Golden Visa program in 2022 played a significant role in attracting Indian investors. This program, offering long-term visas and a range of benefits to foreign nationals, contributed to the surge of Indian investments in the Dubai real estate market.
Looking ahead, Realiste predicts a shift in the market dynamics, with Chinese investors expected to regain their position as the top property buyers in Dubai in 2023. The lifting of COVID-19 restrictions and the resumption of outbound tours from China to destinations like the UAE, as announced by China’s Ministry of Culture and Tourism, are anticipated to fuel this resurgence.
Alex Galtsev, the founder of Realiste, anticipates a substantial influx of Chinese investments and states, “With the lifting of COVID-19 restrictions, we anticipate significant investments from the Chinese this year. They are likely to focus on properties located near the city center, downtown areas, and popular tourist attractions. This wave of investments will be even larger, with a greater number of investors and a substantial capital infusion into the market.”
In conclusion, Realiste’s insights shed light on the evolving landscape of Dubai’s real estate market. With Indians dominating in 2022 and Chinese investors poised for a comeback in 2023, the dynamics are set to undergo a notable shift, creating new opportunities and challenges for the industry.
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