he share of international buyers in Dubai’s most sought after luxury housing segment is projected to see a sharp rise in 2023, led by wealthy Chinese investors in the wake of lifting of Covid-related restrictions in their country, a latest market study said.

European investors are also expected to increase their investments in the emirate’s high-end housing property assets this year due to high inflation rates in their home countries.

The uptick in the influx of fresh international investors is predicted to lead to a 14 percent jump in the emirate’s luxury property segment this year, according to the study by Realiste, the Dubai-based proptech which develops AI-powered products for real estate investment.

High-net-worth Russians were the top buyers in Dubai’s high-end real estate sector in 2022 due to the Russian-Ukrainian crisis.

“The luxury [property] sector in Dubai will see a projected growth of almost 14 percent throughout the year,” Realiste said.

The emirate’s luxury real estate segment has been cashing in on the global slowdown, with the likes of Indian billionaire businessman Mukesh Ambani reportedly forking out $163 million for a property in the city’s artificial tree-shaped island of Palm Jumeirah late last year.

“We are very optimistic about Dubai’s growth [in the luxury property segment] in 2023,” Alex Galtsev, co-founder of Realiste, told Arabian Business.

“We believe it will be the best year for Dubai’s property market due to many factors like a growing population, a brain drain from the Commonwealth of Independent States (CIS), and capital inflow from European and Asian countries,” Galtsev said.

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