75% of prime real estate buyers in Dubai are foreigners

According to  Christie's International Real Estate, Dubai's luxury property buyers come primarily from the UK, Germany, Russia and CIS (Commonwealth of Independent States), and the Gulf region. There are more high-net-worth individuals (HNWIs) snapping up prime property in Dubai than in traditional hotspots in the United States or United Kingdom.

Christie's surveyed more than 80 markets worldwide to find out where the ultra-rich individuals buy posh residences. Among the world's top cities for prime real estate, Dubai ranked first, with 75 per cent of prime property buyers hailing overseas - compared to 44 per cent in London and 40 per cent in Miami. These discerning affluent buyers typically spend Dh11 million to Dh18 million ($3-5 million) on a prime luxury apartment in Dubai. The foreign wealthy buyers have been attracted by Dubai's dynamism, tax-free regime, business- and investor-friendly environment, "air transport accessibility" and leisure options.

According to the Dubai Land Department, foreigners spent Dh12 billion on property purchases in Dubai during the first quarter of 2015.