Chinese investors are gradually returning to Dubai’s real estate market, joining Russian and other international buyers who have already pushed property prices in the emirate to record levels.
At the city’s largest developer, Emaar Properties PJSC, buyers from the Asian nation doubled to 8% of the total during the first half of 2023 from 4% through 2022, according to a report by CI Capital, which cited an analyst call with the firm’s management. While those levels are still below the peak of 13% to 14%, Chinese demand could become a key factor in helping to shore up demand in the emirate’s property market.
“Emaar’s nationality mix is important because the company acts as a proxy for the wider real estate market in Dubai,” she said, adding that the developer has the biggest market share with around 30% of all home sales ahead of construction. Earlier this month, Dubai-based property broker Allsopp & Allsopp said sales to Chinese citizens surged 130% in the first half of the year with cash purchases making up 78% of transactions.
In April, Morgan Stanley estimated that a return of Chinese buying activity to pre-pandemic levels could add 1 billion dirhams to Emaar’s sales this year compared with 2022, without accounting for additional demand.
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