Russians overtaken by Europeans as biggest property market buyers
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,”
An increase of French, European and German buyers have entered the market which indicates increasing confidence in the market from global buyers.
Although Russian buyers would generally gravitate towards waterfront properties, recent buying decisions have indicated behavioral changes. Buyers are much more conscious of their lifestyles and are looking for projects to meet those requirements.
A “Homeowner” can technically be broken down into three categories:
End users/occupiers
Investors
Speculators
“End Users are more drawn to the lifestyle, community, amenities, and overall quality of finish and layout,”
“Investors are more concerned with the yield they can expect to achieve but also are discerning in terms of the offering while speculators tend to lean towards off-plan projects that offer flexible payment plans,”
High Net Worth Individuals (HNWIs) are looking for trophy assets around the world, a product associated with an architect or designer attracts interest due to lifestyle representation, ‘starchitects’ and celebrity designer properties are seeing increasing demand.
“The majority of Dubai property buyers come from a multitude of countries from all around the world, and by the pure virtue of the large geographical distances that separate these buyers from Dubai.”