Indians have become the largest real estate investors in the Dubai property market surpassing Britons in the latest quarter. The Dubai real estate market recorded 28,249 transactions in the third quarter. This was a 4% increase versus the second quarter and 23% higher than the same period in 2022. It was entirely driven by 34% growth in villa and townhouse transactions, with apartment transactions contracting by 4%.

Indians topped the country-wise list in Q2 (June quarter) and Q3 (September quarter). It was at No. 2 in the first quarter when Britons topped the list. Indians have been topping the list of top five home buyers in Dubai. However, rising wealth and factors such as Russia’s geopolitical isolation have rearranged the pecking order.

Indian and British nationals remained the two largest buyers of real estate. Russians moved out of the top 3 buyer nationalities for the first time since Q2 2022, perhaps driven by the continued decline in the ruble. Whilst Turkey moved out of the top 10, buyers from the MENA region remain prevalent, with continued growth in buyers from Egypt, Lebanon, UAE and Jordan. Dubai continues to attract expats from across the globe, with the population growing by almost 100,000 in the year to July. Russian nationals dropped out of the top 3 buyers for the first time in 18 months, with the declining ruble weighing on affordability. However, this was more than off-set by demand from Indian and British nationals, many using property investment as a path to the Golden Visa.