Last August 2014, the ruble hit record low against the US dollar because of the ongoing financial crisis in Russia. Soon enough, the Russian currency begun to stabilize and now hovers at 62 to 65 rubles to the US dollar. This means that properties denominated in US dollars or currencies that have been pegged to it have become 28% cheaper in ruble terms.
According to the real estate portal PropertyTrader.ae a significant increase in inquiries for Dubai properties has been noted during the first half of 2016. Umer Ali, the sales director of the company, said that 6% of the overall traffic in January last year came from Russian investors. In July, traffic increased by 17%, a very significant upward trend. This shows that Dubai is still a very popular city for real estate investors in Russia.
Property firms in Russia confirm that the interest over Dubai property is back as more and more Russians are interested in property investment. Russians consider Dubai as a safe haven to park their money overseas particularly in brick and mortar investments. Dubai properties continue to be attractive to foreign investors but surprisingly, investments are no longer limited to the affluent Russians but investors with smaller budgets.
It is common for Russian investors to be attracted to the premium real estate of Dubai which is relatively cheaper if compared to other cities like London, New York, Paris, Hong Kong or Singapore. Dubai has a favorable climate and tax-free environment. The city has excellent health and transport infrastructures with abundant entertainment facilities that are very interesting to real estate investors.
Dubai ranks ahead of other popular cities in terms of inquiries from potential Russian investors. Among its advantages is the variety of elite properties that are being offered for comparatively low prices. Even studio flats and small apartments are getting a lot of inquiries.
In Thailand, one of the most popular investment options is investment property in Karon because of the potential revenue from tourist rentals. Phuket with its long stretches of beaches and natural beauty is very popular among tourists and a real estate investment guarantees generous profits.