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 – but has come bouncing back according to PropertyTrader.ae data analysts.
“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% of our overall traffic, yet in July it was up by nearly three times at 17% – 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 vast array of luxury property when compared to many other cities, while low taxes and year-round warm weather are other factors that lure investors there. They are also drawn to the city’s health and transport infrastructure, good education, and its safe haven status in the region. Amidst the prevalent slowdown, Dubai’s property market can surely benefit from the return of Russian cash.
In 2015, the Dubai Land Department ranked Russian investors as the sixth largest group of foreign buyers in Dubai’s realty sector.