Russian investors are returning to the Dubai real estate market after staying away due to a record fall in the value of the rouble last year, it has been claimed.
Statistics published by Dubai real estate portal PropertyTrader.ae for the first half of 2016 have revealed a significant rise in overseas enquiries from Russian site visitors – indicating a renewed interest in the emirate as an investment hotspot.
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.
“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 percent of our overall traffic, yet in July it was up by nearly three times at 17 percent - 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 luxury property when compared to many other cities, while low taxes and year-round warm weather are other factors that lure investors there.
In 2015, the Dubai Land Department ranked Russian investors as the sixth largest group of foreign buyers in Dubai’s realty sector.
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