A joint report by the two analytical companies Unitas and Reidin, said that in that segment of Dubai real estate, which has historically depended on foreign investments, the cost of luxury villas in such areas and residential communities as Palm Jumeirah, Emirates Hills and Downtown Dubai, increased in the last 12 months by an average of 60% in ruble terms, while in AED the price of the same property decreased over the same period in some cases by as much as 20%.
According to Reuters, Russian ruble has updated its six month low against the US dollar on Monday this week, which made Dubai real estate more expensive for the majority of Russian investors.
Dubai Land Department in its reports repeatedly called Russians among the 10 nations most actively investing in Dubai real estate, particularly in the premium property on the man-made island Palm Jumeirah, as well as in the central areas of the city Dubai Marina and Downtown Dubai.
In total, foreign investors from countries outside GCC invested about US $ 8 billion in Dubai real estate in the first half of 2015. Indian, Pakistani and British investors proved to be the most active property buyers in Dubai property market.
However, overseas property investments still present itself as a reliable source of stable profit. Those investors, whose base currency is not the US dollar, continue to gain high returns on their investments in property abroad their native countries, including Dubai. After analyzing a number of world real estate markets, including the US, UK, France and Singapore, the researchers came to the conclusion that Dubai is among the cities with one of the highest real estate return rates since 2002, when foreigners were allowed to buy freehold property there.