DUBAI, July 29 (Reuters) – Dubai’s red-hot property market surged in the first half of the year as investors piled in, with Russians among the top five buyers as the emirate benefits from an influx of wealth in the wake of Western sanctions.

The first half saw residential real estate transaction volumes up 60% with an 85% rise in the value of properties sold, property consultancy Betterhomes said in a report.

The top buyers were from India, the United Kingdom, Italy, Russia and France, in that order, followed by Canada, the United Arab Emirates, Pakistan and Egypt tied in eighth place, Lebanon and China.

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