According to experts, Chinese buyers are coming back to Dubai’s real estate market in greater numbers. Following the Covid epidemic, China reopened its borders, and the country’s property crisis has led investors to look for safe havens for their money around the world. According to Emaar Properties, the largest real estate developer in Dubai, Chinese investments in its projects approximately doubled to account for 7% of total sales in the first half of 2023 from between 3% and 4% in the same time a year earlier.
In the midst of high demand and sustained economic expansion, Dubai’s real estate market is flourishing. Government programs including retirement and remote worker residency permits have aided the sector’s post-pandemic recovery. The housing market boom, which has been fueled by an inflow of new immigrants, particularly wealthy Russian purchasers and executives in the cryptocurrency industry, is not anticipated to slow down anytime soon as a growing population, cheap taxes, and the general upbeat mood in the world economy, according to analysts.
According to Knight Frank’s most recent study, residential property prices in the emirate increased 17% year over year in the second quarter, marking the 10th straight quarter of growth.
The liberalization of China’s borders “helped enormously,” but Beijing’s real estate debt crisis is causing domestic investors, who consider real estate as a secure place to deposit their money, to become fearful and look for new markets outside, according to Mr. Alajaji.
“This year we see more Chinese tourists and visitors coming to make investment decisions here, because Dubai has always been an attractive destination and because of what’s happening in China,” the man said.
According to Mr. Alajaji, the company anticipates that Chinese purchasers’ investments in real estate would increase to about Dh2 billion in 2023 from Dh721 million last year as China’s property problems continue and its economic growth slows.