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Foreign investment in the Dubai housing market, 2020-2024

Author

Listed:
  • Annette Alstadsæter

    (NMBU)

  • Matthew Collin

    (EU Tax Observatory)

  • Bluebery Planterose

    (EU Tax Observatory)

  • Gabriel Zucman

    (EU Tax Observatory)

  • Andreas Økland

    (NMBU)

Abstract

This note presents new evidence on the scale of foreign investment in the Dubai residential property market. Using new data comprising the ownership of a large share of the Dubai property market, we present updated estimates of foreign-owned real estate for the years 2020 and 2022. We find that foreign nationals hold around 43% of the total value of all residential property in the city. Foreign-owned residential real estate grew by 20%—around $23 billion—between the beginning of 2020 and early 2022. We also find evidence of a substantial boom in Russian interest in the city following the invasion of Ukraine, with both utility accounts and residential leases associated with Russian nationals increasing sharply. Relying on simple assumptions to allocate new property purchases across nationalities, we conservatively estimate that Russians bought up to $2.4 billion worth of existing properties and a further $3.9 billion of in-development properties since the invasion.

Suggested Citation

  • Annette Alstadsæter & Matthew Collin & Bluebery Planterose & Gabriel Zucman & Andreas Økland, 2024. "Foreign investment in the Dubai housing market, 2020-2024," Notes 010, EU Tax Observatory.
    • Handle: RePEc:dbp:plnote:010
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    References listed on IDEAS

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    1. Menkhoff, Lukas & Miethe, Jakob, 2019. "Tax evasion in new disguise? Examining tax havens' international bank deposits," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 176, pages 53-78.
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    4. Pierce O’Reilly & Kevin Parra Ramírez & Michael A. Stemmer, 2021. "Exchange of Information and Bank Deposits in International Financial Centres," Hacienda Pública Española / Review of Public Economics, IEF, vol. 239(4), pages 27-69, November.
    5. Annette Alstadsaeter & Sarah Godar & Panayiotis Nicolaides & Gabriel Zucman, 2023. "Global Tax Evasion Report 2024," Working Papers halshs-04563948, HAL.
    6. Edouard Mathieu & Hannah Ritchie & Esteban Ortiz-Ospina & Max Roser & Joe Hasell & Cameron Appel & Charlie Giattino & Lucas Rodés-Guirao, 2021. "A global database of COVID-19 vaccinations," Nature Human Behaviour, Nature, vol. 5(7), pages 947-953, July.
    7. Matthew Collin & Florian M. Hollenbach & David Szakonyi, 2023. "The end of Londongrad? The impact of beneficial ownership transparency on offshore investment in UK property," WIDER Working Paper Series wp-2023-11, World Institute for Development Economic Research (UNU-WIDER).
    8. Annette Alstadsæter & Bluebery Planterose & Gabriel Zucman & Andreas Økland, 2022. "Who Owns Offshore Real Estate? Evidence from Dubai," Working Papers 001, EU Tax Observatory.
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    Cited by:

    1. Matthew Collin & Florian M. Hollenbach & David Szakonyi, 2025. "The End of Londongrad? Ownership transparency and Offshore Investment in Real Estate," Working Papers 028, EU Tax Observatory.
    2. Annette Alstadsæter & Matthew Collin & Andreas Økland, 2025. "Safely Opening Pandora’s Box: A Guide for Researchers Working with Leaked Data," Working Papers 032, EU Tax Observatory.

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    More about this item

    Keywords

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    JEL classification:

    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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