Sobha Realty, a real estate developer, has revealed that foreign buyers accounted for 71 per cent of all sales, indicating the growing demand for its properties by overseas investors.
The developer stated that the top investors in 2022 were Russians, Indians, and Emiratis, followed by Romanian, British, Chinese, Kazakhstani, Ukrainian, French, and Saudi.
The increased influx of overseas investors to Dubai can be credited to the Emirate’s status as one of the world’s best cities to reside and work, its growing economy, friendly immigration policies, as well as the advantageous returns on property investments.
The luxury developer has also observed a rising demand for opulent, high-end properties from these investors. The real estate market is projected to continue expanding in the coming years, with more expatriates and overseas investors flocking as well as several upscale structures and projects in progress in the country.
PNC Menon, Founder and Chairman of Sobha Group said: “Dubai is known across the world as one of the most appealing commercial and residential destinations. The Emirate has established a global standard for success and economic growth that is unheard of in recent years, making it more than just a popular tourist destination. With an ambitious goal of doubling the size of its economy in the next decade and consolidating its position among the top three global cities, Dubai has attracted vast foreign investments and experienced strong growth in the real estate market in 2022.
“Strong sales were recorded for a range of properties, from studio apartments to opulent seafront villas. Consequently, we expect the same pattern to continue in 2023. We, at Sobha Realty, aim to support this continued growth of Dubai, while also strengthening our standing as a trusted developer in the market.”
Dubai real estate market
The global real estate market was impacted by macroeconomic volatility; however, the UAE witnessed a strong growth in the final quarter of 2022, pointing to a positive future for 2023.
Sobha Realty is expected to further draw in more foreign investments into the country with its commitment to creating luxurious, high-quality developments that integrate both innovation and sustainability.