Realiste, the UAE’s artificial intelligence company, has shared valuable insights into the Dubai real estate market for 2023. A key trend to watch is the competition between Indian and Chinese investors as major players in the market.
According to Realiste’s sources, Indians emerged as the largest homebuyers in Dubai in 2022, purchasing property worth Rs35,500 crore. This figure is nearly double the amount spent by Indians in 2021. Indians accounted for a significant 40% of all homebuyers in Dubai last year, with most buyers originating from Delhi, the National Capital Region (NCR), Ahmedabad, Surat, Hyderabad, and Punjab.
Dubai real estate
The average price of a house purchased by Indian buyers in Dubai varied between Rs3.6 crore and Rs3.8 crore. This trend towards high-end purchases in Dubai coincided with a 30% decline in India’s own rental market during the COVID-19 pandemic, pushing Indians to seek residences in Dubai.
UAE Golden Visa
Realiste’s research suggests that the expansion of the UAE’s Golden Visa program in 2022, which offers long-term visas and a host of benefits to foreign nationals, significantly contributed to the influx of Indian investors.
However, as per Realiste’s predictions, Chinese investors are expected to re-emerge as top property buyers in Dubai in 2023. The lifting of COVID-19 restrictions and the resumption of outbound tours to countries like the UAE, as announced by China’s Ministry of Culture and Tourism, are expected to fuel this shift.
Alex Galtsev, the founder of Realiste, anticipates a substantial inflow of Chinese investments.
He stated, “We expect massive investments from the Chinese this year as the COVID-19 restrictions have been lifted. They are more likely to invest in properties close to the center, downtown, and tourist attractions. This will be an even bigger wave of investments as there are more people involved and more capital ready to be injected into the markets.”
As these trends unfold, Realiste’s AI-powered platform, “Index,” will continue to provide real-time, data-driven insights into Dubai’s dynamic real estate market.