The Tranio team continues to analyse statistics on off-plan property deals based on data from the Dubai Land Department. The number of transactions in February is steadily increasing.
Following Bloomberg, numerous analysts observed a decline in activity in Dubai's off-plan residential market in Fall 2023, which some experts attributed to a drop in demand from Russian HNWIs (high net worth individuals).
As of the beginning of 2023, the activity of Russian-speaking property buyers in various foreign countries has more than doubled compared to activity levels at the beginning of 2022.
The authorities of Turkey and Georgia reported a record number of real estate deals concluded by Russians in these countries during the 12 and 9 months of 2022, respectively. The high activity of buyers from Russia was noted by official sources from Thailand and Spain based on the data on registration of ownership rights in 2022.