Media ININ Economy We Trust
September 1st
Bloomberg quoted Emaar Properties as saying that Russians are the largest buyers of its properties, indicating that demand from investors looking for safe havens remains strong.
Emaar Properties did not provide the exact percentage of Russian buyers in its presentation to investors in the first half of the year, but it showed them as the largest segment of the market in a pie chart. Their appetite for real estate in the emirate helped push prices to record levels.
Sarah Boutros, an analyst at CI Capital, estimates that Russians accounted for about 12% of buyers in Emaar projects this year, compared to second place in 2022 and ninth place in 2020. Emaar owns the largest share of the real estate market in Dubai by about 30%. % of all pre-construction home sales and acts as a proxy for the city’s broader real estate sector. “We expect Russian flows to remain strong for the rest of the year,” she said. This is mainly due to the attractiveness of the luxury goods sector in Dubai, where rental returns are very high and investment costs are low.”
Residential rental yields in the city ranged between 6.75% and 7.25% in the second quarter.
Emaar Development sold 6,264 properties in the first half, with sales reaching 19 billion dirhams ($5.2 billion), according to the presentation. Last year, Emaar sold properties worth 30.7 billion dirhams, the highest since 2015.
