Pakistanis fall among the top 10 Real Estate buyers in Dubai in 2022

The real estate market in Dubai witnessed 8,897 monthly sales worth Dh22.75 billion in the month of June. It represents the highest sales for a single month in the last nine years.

Betterhomes, a property consultant, claimed that in the first half of the year, the number of residential real estate transactions experienced a 60% surge, and the value of the homes sold increased by 85%.

India had the maximum number of real estate buyers, followed by the UK, Russia, France, Italy, Canada, the UAE, Pakistan, Egypt, Lebanon, and China. While comparing to the same period in 2021, there were approximately 164% more property purchasers from Russia, 18% from the UK, and 42% more from France. India and Italy, however, lost 8% and 17% of buyers, respectively.

While comparing to the first six months of 2021, sales of luxury properties went up by 87%, with apartments forming 62% of all transactions. Investors accounted for 68% of all buyers, a 10% rise in comparison to the previous year, 2021.

Demand soared mainly due to the unstable political situation in Europe, and mortgage buyers wanted to put money before the increase in interest rates. Reuters stated that after the Ukraine invasion and when the West imposed sanctions on Moscow, more Russians chose to invest in the real estate market of Dubai to protect their money.

“The market has witnessed growing headwinds in the form of increasing interest rates and a strengthening dollar, but so far, it has been proven strong with no sign of slowing down,” said Betterhomes.

After experiencing a downturn in 2020, Dubai’s real estate market gained momentum the following year with more sales of luxury units. It was because the city lifted COVID-19 restrictions sooner than most others across the world.

Nevertheless, S&P Global Ratings has claimed that the recovery was not relatively stable and that the prices would be affected in the long term due to an oversupply of residential properties.