Picture used for illustrative purposes.

Ahmed Al Bashir, Staff Reporter

Indians, Britons and Russians topped the list of the largest investors in the Dubai real estate market during the second quarter of 2023, according to a recent study conducted by Better Homes.

The Indians, who are considered among the traditional major investors in Dubai real estate, excluded their British counterparts from the first place, which they occupied in the first quarter of 2023.

After their numbers declined in the first quarter, Pakistani investors returned to the top ten positions among the largest buyers of real estate in Dubai.

Better Homes said in its report for the second quarter, “The real estate sector in Dubai continues to register strong demand from all over the world, as people are looking for a safe haven, tax efficiency and positive investment returns.”

Dubai witnessed a huge influx of high-net-worth individuals in the post-pandemic period, especially from the Indian subcontinent, Europe and other regions. It is estimated that the UAE will attract 4,500 millionaires this year alone, the second highest percentage after Australia.

Last year, 5,200 millionaires emigrated to the UAE, the highest rate of migration of individuals with great wealth to any country. This has led to high demand and prices for local real estate to record levels.

Better Homes said that in addition to India, the United Kingdom and Russia, investors from Egypt, the UAE, Turkey, Pakistan, Italy, Lebanon and France occupied the top ten list among the largest investors in real estate in the emirate.