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Russians are among top 10 wealthiest buyers of property in Dubai

January 15, 7:05 UTC+3 CAIRO

In terms of investments Russians rank seven on the list outflanking citizens of the US and France

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© EPA/ALI HAIDER

CAIRO, January 15. /TASS/. Russians are on the Top 10 list of citizens from the states outside the Middle East who made biggest investments in real estate in the Dubai Emirate, UAE, in 2016, according to a report released by the Dubai Land department.

In terms of investments Russians rank seven on the list outflanking citizens of the US and France.

According to the agency, in 2016, almost 42,000 people from the Middle East countries and 136 non-Arab countries took part in the competition to buy up square meters in the city on the Persian Gulf.

Their total investments in real estate and mortgages amounted to 259 bln dirhams (about $71 bln).

Citizens of the United Arab Emirates were absolute leaders in buying Dubai property in 2016. They are followed by people of Saudi Arabia and Kuwait, which bought almost a third of the property that was put up for sale in Dubai.

Among citizens of non-Arab states the leaders among investors are Indians, who invested in the Dubai real estate 12 bln dirhams (about $3.3 bln). The UK citizens who invested half as much rank second. They are followed by Pakistanis, then by the citizens of China, Canada, Iran, Russia, USA and France.

The Burj Khalifa (Khalifa Tower, 828 meters) skyscraper became the most popular building among the investors. Foreign investors spent about $2 bln to buy space in the world’s highest building.

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