Chinese property investors have returned to the Dubai real estate market, with a staggering 130% increase in residential property investments in the city during the first half of 2023, Invest-Gate reports.

According to the latest market report, Chinese investors are investing in large residential units in prestigious areas such as Downtown Dubai and Jumeirah Golf Estates, which have seen a significant increase in average property prices recently. They prefer studio apartments and one-bedroom apartments, according to the report by Olsson & Olsson Company.

Moreover, the report highlighted a shift towards cash payments by these investors, with up to 78% of buyers currently choosing to pay in cash to purchase homes in Dubai.

In early 2023, travel restrictions in China were lifted, allowing investors to re-access the Dubai real estate market directly.

Notably, the report stated that this represents a turning point for the property market in the emirate, as the second quarter of 2023 saw the highest number of sales transactions and total sales value in the city’s history.