Romanians bought tens of millions of apartments in Dubai

Reading time: 2 minutes

Dubai’s real estate market is booming, registering a 61.7% increase in the number of real estate transactions in 2022 compared to 2021, according to data from Dubai-based real estate developer Sobha. Romanians bought apartments worth 75 million euros in the first seven months, just from this developer.

“In the current inflationary and geopolitical context, more and more investors are turning their attention to the real estate market in Dubai, one of the most cosmopolitan, but also the safest cities in the world. In July of the current year, for example, not only the most monthly real estate transactions were registered in Dubai, but they also reached the highest value in the last 13 years (approximately 5.6 billion euros), compared to the same period of the past years. Romanians are also on the list of those interested in Dubai, Sobha, real estate developer from Dubai, reporting this year sales of 75 million euros to Romanian citizens”, the company announces, according to news.ro.

According to official statistics, 7,138 real estate transactions were registered in Dubai last month, with a total value of around 5.6 billion euros.

Overall, in the first 7 months of the current year, apartment prices in Dubai increased by approximately 7%, according to a study by Betterhomes. It is estimated that prices will continue to rise, especially on off-plan projects with delivery in 2025-2026.

Sobha is developing an entire neighborhood in the Meydan area, with multiple facilities for those who will live there. The Sobha Hartland neighborhood will have 40% of the space occupied by green areas, a 1.8 km long private beach, water canal, restaurants and cafes, shops, gyms, children’s playgrounds, swimming pools, 2 international schools which are already functional.

“I have been collaborating with the developer Sobha for a year, representing them in Romania, after I also purchased 3 apartments in the complex last year. We brokered sales of over 17 million euros for Sobha in the last 5 months alone, and now we are all waiting for the launch of the new Sobha Heights project, where there is already a waiting list for apartments”, said Răzvan Pascu, Sobha representative in Romania.

According to the data provided by the developer, the most sold apartments were those with 2 rooms, where prices start from 420,000 euros for an apartment with a living room and a bedroom, with an area of ​​about 80 square meters. And in recent months, the attention of Romanian investors has turned to larger, 3- and 4-room houses, whose prices start at 520,000 euros for 3 rooms and 775,000 euros for 4 rooms. All are paid in installments over 5 years, 10% every 6 months, and the advance for the reservation is 2%.

In Dubai there are no property taxes and a single fee of 4% of the value of the property must be paid to the Government, a kind of registration fee.