DUBAI, UAE - Realiste, the UAE's leading artificial intelligence company, shares valuable insights into the Dubai real estate market in 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 are the largest home buyers in Dubai in 2022, purchasing properties worth Rs 35,500 crore. This figure is almost double the amount spent by Indians in 2021. Last year, Indians accounted for 40 per cent of all home buyers in Dubai, with the majority of buyers coming from Delhi, the National Capital Region (NCR), Ahmedabad, Surat, Hyderabad and Punjab.
The average price of homes purchased by Indian buyers in Dubai ranges between Rs 3.6 billion and Rs 3.8 billion. This trend of buying high-end in Dubai coincided with a 30 per cent decline in India's own rental market during the COVID-19 pandemic, driving Indians to seek accommodation in Dubai.
Realiste's research suggests that the UAE's expansion of its Golden Visa programme in 2022, which offers long-term visas and a range of benefits to foreign nationals, has contributed significantly to the influx of Indian investors.
However, Chinese investors are expected to return as the top property buyers in Dubai in 2023, according to Realiste's forecasts. This shift is expected to be driven by the announcement by the Chinese Ministry of Culture and Tourism to lift COVID-19 restrictions and resume outbound travel to countries such as the UAE.
Alex Galtsev, founder of Realiste, expects a significant inflow of investment from China. He said: "As the COVID-19 restrictions have been lifted, we expect a large amount of investment from China this year. They are more likely to invest in properties close to centres, city centres and tourist attractions. It will be a bigger wave of investment as more people get involved and more capital is ready to be injected into the market."
As these trends unfold, Realiste's artificial intelligence platform 'Index' will continue to provide real-time, data-driven insights into Dubai's dynamic real estate market.
