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The purchase of real estate by foreigners and its full ownership in the Gulf countries has become feasible only recently. The diversification of the economies of oil exporting countries is forcing them to strengthen the role of non–oil sectors, in particular the real estate sector. A sharp increase in demand for real estate occurred, including two years ago, with the arrival of wealthy Russians on the UAE market, who decided to minimize the risks to their finances by investing in real estate in the Emirates. At the same time, despite the opening windows of opportunity for foreign investors, according to some experts, the UAE market may be overheated and a bubble, characteristic of fast-growing markets, will form, the further development of which may lead to a market decline.
S. Yu. Babenkova (Wed,) studied this question.