Dubai’s property boom in the years following the Covid-19 pandemic has been one of the fastest in the world, fueled by investor-friendly reforms and a surge in expat demand, particularly from Russia in the wake of the start of Moscow’s full-scale war with Ukraine.

Some of Dubai’s luxury developments cater specifically to Russian buyers, with real estate agencies fully staffed by Russian speakers, and in certain parts of the Gulf emirate a visitor will hear more Russian spoken than Arabic or English. But that wave is slowing down, DAMAC Chairman Hussain Sajwani says.

The new growth in demand is coming from China.

“Russia has slowed down. But other countries are coming in strong, especially Chinese coming back,” Sajwani told CNBC’s Dan Murphy at the World Economic Forum in Davos, Switzerland on Tuesday. He mentioned India and Europe as well.

“Dubai is, you know, surrounded by more than 100 countries with all kinds of issues and challenges. And people want to migrate and come to Dubai, for living or for investments,” he said.

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