Russians are no longer interested in Dubai real estate?

Instead of being net buyers, Russians are now net sellers of real estate, reportedly either to transfer proceeds from the recovery of the Dubai property market or to terminate mortgage contracts that they cannot fulfill due to rising local prices.

His Russian clients are reaping the benefits, said Abdullah Al Ajaji, founder of Driven Properties, who bought 146.5 million dirhams ($39.9 million) worth of properties over the summer and sold them for nearly double that ($75.1 million) in the same period.

Illustration photo: Getty Images.

Some industry experts link the drop in Russian home purchases to the fall in the ruble exchange rate over the past year. Others, however, point to a natural decline in demand.

Brokers complain that the luxury real estate market is suffering from a decline in Russian interest.

“Russians, they used to buy a lot of high-priced real estate projects last year. But now, they are not buying anymore,” said Arash Jalili, CEO of Dubai-based brokerage Unique Properties.

He said the number of transactions between his company and Russians had dropped by 15% since last year, while the value of transactions had dropped by 50%.

In addition to Dubai, Russians also topped the list of foreign buyers of real estate in Türkiye last year, accounting for 25% of all homes sold to foreigners. In Phuket (Thailand), they are also an active group of foreign buyers.

Le Na (According to RT)

Source: https://www.congluan.vn/nguoi-nga-khong-con-man-ma-voi-bat-dong-san-dubai-post271673.html