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Dubai’s Housing Sales Smash Record on Rebound, Russians

  • Home prices surged 11.3% in first quarter, CBRE says
  • Dubai benefitting from Russian demand, residents buying homes
A villa for sale in the Jumeirah Park district of Dubai.
A villa for sale in the Jumeirah Park district of Dubai.Photographer: Christopher Pike/Bloomberg
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Dubai’s housing market had its best ever start to the year driven by higher demand from local residents and bigger flows from outside buyers including Russians, according to real estate adviser CBRE Group Inc.

Total transactions reached 19,009 in the first three months of the year, which “is the highest total ever recorded in the first quarter,” according to the CBRE report. The only other period to see higher transaction volumes was the second and third quarters of 2009, when around 33,000 and 23,000 properties changed ownership, said Taimur Khan, head of research at CBRE.