Russians were among the top five buyers in Dubai's hot property market during the first half of the year as the emirate benefited from an infusion of riches after Western sanctions.
According to a survey by real estate consultancy Better homes, residential real estate transaction volumes increased by 60%Better homes, and the value of sold properties increased by 85% in the first half of the year.
India, the United Kingdom, Italy, Russia, and France were the top five countries for purchases, in that order. Canada, the United Arab Emirates, Pakistan, and Egypt, tied for eighth place with Lebanon, and China.
Geopolitical unrest in Europe and mortgage buyers eager to lock in rates ahead of anticipated increases as central banks fight inflation bolstered demand, according to Better homes.
Russians are investing heavily in Dubai real estate, according to a Reuters article from earlier this year, as they look for a, and Better home saved after Western sanctions against Moscow over its invasion of Ukraine.
Despite increasing challenges from rising interest rates and a stronger dollar, the market has so far shown itself to be strong and shows little indication of declining, according to Better homes.
According to figures from the Dubai Land Department, a record-breaking 37,762 apartments were sold in the first half of the year. It stated that the market for residential real estate saw close to 89 billion dirhams ($24.23 billion) in total sales.
Dubai's real estate market started showing signs of recovery early last year, with buyers buying up expensive apartments as the emirate quickly relaxed purchasing restrictions compared to most other cities worldwide.
S&P Global Ratings, however, stated in October that Dubai's real estate recovery remained flimsy and inconsistent and that an overabundance of residential buildings will eventually put downward pressure on prices.
According to, the number of luxury real estate sales increased by 87% over the first half of last year, and 62% of all purchases were flats.
Investors accounted for 68 percent of all buyers in sales, an increase of 10% from the previous year.