Almost 12 billion spent in three months: rich Russians buy real estate in Dubai

In the first quarter of this year, the share of Russian buyers of real estate in Dubai increased by 67%. This is evidenced by the Dannyma of Dubai companies involved in the analysis of the housing market. The Russian BBC service writes that this is associated with Western sanctions that have lost wealthy Russians the opportunity to conduct business in many other countries.

According to Betterhomes real estate company, in the ranking of the most active investors in the Dubaisky Real Estate, Russia rose from 7th to 5th place, giving way to the great Britain, India, Italy and Canada.

According to market analysts, soon Russia can rise even higher, and, possibly, head the list. This will happen as the consequences of sanctions with the deferred effect begin to manifest. Among the Russians who made acquisitions, the surnames known in Russia, in particular, businessman Roman Abramovich, say sources in Dubai.

According to Virtuzone, which helps foreign companies to settle in Dubai, since the beginning of the war in Ukraine, requests for their services from Russians have increased five times. According to Betterhomes general director, Ryan Mahoni, customers from Russia choose real estate for purchase in the most prestigious areas of Dubai, in elite residential complexes, usually with a view of the Persian Bay.

According to brokers, in the first three months of 2022, the Russians spent almost $ 12 billion in Dubai. Also during this period, a record transaction of $ 76.2 million per house was recorded. For comparison: one of the most expensive real estate faces ever acquired by a Russian in London cost 34 million pounds (more than $ 42 million). This house in the prestigious Knightbridge area, along with other possessions of Russians in Britain, is currently put up for the exchange.

Many realtors also note a sharp increase in cash transactions from the beginning of the year. Given the fact that the Russian Central Bank prohibited the withdrawal from the country of amounts exceeding 10 thousand dollars, the capital of Russians buying real estate in Dubai are clearly not in Russia, BBC notes.

UAE took a neutral position in the conflict between Russia and Ukraine. According to the authorities, the services of all institutions of the country, primarily financial, are equally provided to Russians and Ukrainians who fled from the war and its consequences.