Russians Are the Top Home Buyers From Dubai’s Biggest Developer

Russians made up 12% of Emaar’s buyers in 1H, CI Capital Says
Demand holding up despite war in Ukraine entering 18th month

Residential villas in the Jumeirah district of Dubai.
Photographer: Christopher Pike/Bloomberg

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By Zainab Fattah

August 31, 2023 at 9:36 AM UTC

This article is for subscribers only.

Russians are the top buyers of properties from Dubai’s biggest developer, a sign that demand from investors seeking safe havens remains strong more than a year after Moscow’s invasion of Ukraine.

Emaar Properties PJSC didn’t provide the exact percentage of Russian buyers in a first-half investor presentation, but showed them as the largest segment of the market in a pie chart. Their appetite for property in the emirate have helped to push prices to record levels.