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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

Handle: RePEc:dbp:plnote:010
as

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File URL: https://www.taxobservatory.eu//www-site/uploads/2024/05/Note_Foreign-investment-in-the-Dubai-housing-market.pdf
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More about this item

Keywords

Foreign real estate ownership; money laundering; global asset registry;
All these keywords.

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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