Dubai’s red-hot real estate market is attracting more Chinese investors again after pandemic curbs slowed purchases, pointing to sustained demand as prices hit records, Invest-Gate reports.

At Emaar Properties, Dubai’s top developer, Chinese buyers doubled to 8% of the total in January-June versus 4% in 2022, according to CI Capital citing management.

While below 2013-2014 peaks, growing Chinese interest could further support the upswing. Russians were top Q1 buyers at Emaar, and demand remains robust, said CI Capital’s Sarah Boutros.

Emaar may log $9.3 bn in 2022 sales, up 10% from last year given its roughly 30% market share, she added.

Defying global real estate downturns, Dubai property values have surged on an influx of new residents from cryptocurrency traders to wealthy Russians, bucking trends elsewhere.

Chinese topped Emaar purchases in 2018 and 2020 but fell to fifth last year as travel curbs bit. Now reopening, many seek overseas investment havens.

Broker Allsopp said first-half Chinese sales jumped 130%, with most purchases cash-based, signaling a renewed interest in Dubai’s property vision.