Russians will be more active in buying real estate in Dubai — Kalinka Group.

In the next year and a half to two years, demand for real estate in Dubai among Russian buyers could significantly increase, according to Kalinka Group. Several factors contribute to this.

The UAE in general and Dubai in particular are no longer as popular among Russian real estate buyers as they were in 2008. However, this could soon change. Firstly, Russian clients are exploring other international property markets, in addition to the UK and Cyprus, and their numbers in Dubai have been growing over the past year and a half.

Secondly, next year the emirate will host the World Expo 2020, which is expected to have a positive impact on the development of the local real estate market and the demand for it from foreigners, including Russian citizens.

The attractiveness of real estate in Dubai is also influenced by the active emergence of high-class projects and investor support. For example, when purchasing properties worth over DH 1 million (approximately RUB 17.5 million), investors can obtain an investor visa, allowing them to stay in the emirate without time limitations, even without working in the country. Additionally, the dirham is pegged to the dollar and is fairly stable, which guarantees the preservation of investments.

Note that the purchase of property in Dubai is not subject to VAT, and instead of a long-term lease of 99 years, foreign buyers will be able to own the property.

According to Kalinka International, the Madinat Jumeirah Living apartment complex, located near the famous Burj Al Arab Jumeirah sail-shaped hotel and the Madinat Jumeirah hotel, is currently in high demand among Russians in Dubai. The latter is popular among tourists from Russia. The cost of housing in Madinat Jumeirah Living ranges from $340,000 to $1.8 million. The completion of the first phase of the project is planned for August 2021, and the second phase for December 2021.

"Our clients are well aware of the quality of construction and trust companies with successful completed projects. The requirements for infrastructure offered by developers have also changed. Russians are ready to buy apartments and flats in Dubai in projects that offer their own lifestyle with maximum comfort on the premises. Interestingly, Russian clients, especially those from the capital, are very demanding - they have a good understanding of quality and want housing that is no worse than, for example, in Moscow," said Tatiana Burlakovskaya, Head of Kalinka International.