Europeans have always been a major part of the UAE real estate market and, in particular, Dubai.
So, in the first quarter of 2022, Europeans ranked fifth in the list of the largest categories of buyers in Dubai by nationality. This is the first noticeable increase since 2019, when this category took seventh place in the list.
In annual terms, at the end of the first quarter, the number of purchases made by Europeans increased by 67%. However, there is still no comprehensive information about how many properties were bought and how many people arrived in the emirate.
A huge number of various organizations have long been using an extensive production system, the chains of which cover many countries. In particular, we are talking about outsourcing.
Despite the fact that Europeans bought up any objects they could get to, the expected main point of interest for them was premium real estate. Especially in the most popular areas such as Palm Jumeirah, Business Bay, Downtown Dubai and Jumeirah Village Circle.
At the same time, due to the turbulent geopolitical situation and the onset of the global economic crisis, European investors are starting to arrive in Dubai together with Europeans. Citizens of Great Britain, Germany, France and Italy are actively coming to the market for medium-priced and premium real estate.
This is superimposed on the existing demand from the mass Indian buyer and even Chinese investors.
Collectively, freehold real estate sales have already exceeded pre-pandemic levels. In the first three months of 2022, almost 18,000 real estate transactions totaling $11.7 billion were carried out. For comparison, only 10,000 transactions were recorded in the first quarter of 2021. One of the new records for the local market was the sale of a mansion in Palm Jumeirah for $76.2 million.