Foreigners are buying up prestigious housing in the UAE

By May of this year, 142 prestigious properties had been sold in Dubai, each valued at no less than $10 million. Rich foreigners, as a rule, buy luxury housing on the first line of the sea. In addition, properties in such prestigious locations as Downtown and Palm Jumeirah are in high demand (37% and 30% of sales). Buyers from North America, the UK and Europe prefer Palm Jumeirah and Emirates Hills, while investors from East Asia prefer Downtown and Business Bay.

It should also be noted the main trend of current transactions in the housing market: almost 66% of buyers are buying properties for their own residence or as a place to relax. Although just a few years ago the bulk of transactions were carried out for investment purposes.

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