Investors from Russia and the 11 other Commonwealth of Independent States (CIS) countries now represent more than 20% of potential homebuyers in Dubai with the average ticket size ranging from AED 2.5 million for individuals and AED 25 million for high-net-worth individuals (HNWIs), according to Dubai-based property consultants Mira Estate.
Tamara Getigezheva, CEO & Partner, Mira Estate, said: “The real estate investor pool in Dubai is shifting to a Russian-speaking set. We were able to quantify this shift and measure it by looking at the number of real estate leads we generate, as individuals registered their interest in our property offerings across the city over the past 4 months.”
The share of real estate investments in Dubai by Russian and CIS individuals is 10% to date this year. Most investors are looking for ready units and waterfront properties.
“Eastern Europe is witnessing an unprecedented level of geo-political instability, which has led to an influx of investors and families entering Dubai not only from Russia, but more so from other CIS countries. Non-Russian CIS customers now make up more than 10% of property leads in Dubai,” Tamara added.
The new UAE golden visa rules are further driving demand for properties among CIS investors in Dubai. The 10-year Golden Residence will be granted to investors from September 2022 onwards.
Other expat-friendly policies by the UAE government including the ease of doing business, coupled with ample job opportunities post-Expo, high-quality schooling and a luxury lifestyle, represent key drivers for the growing number of people shifting base to Dubai.
Capitalizing on its long-standing reputation as a haven for HNWIs of all origins and being an orderly and welcoming city, Dubai is exploding into a sprawling metropolis where cohesive communities continue to embrace people of over 200 nationalities, enabling them to live in perfect harmony.
Mira Estate is an award-winning residential property consultancy based in Dubai. Led by young female entrepreneur Tamara Getigezheva, the company rapidly expanded into hospitality and property management through Mira Holiday Homes and Mira Hotels.
Within a year since inception, Mira Estate was awarded Top Real Estate Agent by Emaar, among several other awards from leading developers such as Nakheel and SOBHA. Two years following its establishment, Mira Estate grew to become one of the largest real estate brokerage firms in Dubai.