Is it possible that Russians will buy property in Dubai in the coming months?
According to a recent Reuters research study, Russians were among the top real estate buyers before the conflict and sanctions, and they were buying property in Dubai and even utilizing cryptocurrency to transfer their money into the Gulf state.
According to several property businesses, the crisis has prompted affluent Russians to pour money into real estate in Turkey and the United Arab Emirates, seeking a financial shelter in the aftermath of Moscow's invasion of Ukraine and Western sanctions.
It certainly makes sense why. Property purchasers can take advantage of residence benefits in Turkey and the United Arab Emirates. Foreigners can obtain a Turkish passport in Turkey if they spend $250,000 on a house and retain it for three years. Dubai, which is still a prominent Middle Eastern economic hub, provides a three-year resident visa for a significantly lower fee.
According to Dubai real estate consultants, apartments costing 750,000 dirhams (the visa threshold) have seen the most demand, although more costly property on artificial islands such as Dubai's glittering Palm Jumeirah has been purchased for up to 6 million dirhams. Russian investors appear to be searching for both capital protection and the possibility of obtaining a residency visa in the UAE for a temporary move.
Even before the war broke out, affluent purchasers appeared to be making preparations and shifting cash out of Russia. The procedure is pretty straightforward for Russians who have bank accounts in Dubai. Cryptocurrency is a particularly popular method of payment.
The Russian interest in Dubai isn't just speculative. Since the beginning of March, the number of real estate transactions involving Russian individuals has tripled. According to the numbers, which were first released by a real estate firm located in Dubai, there has been a boom in Russians purchasing and renting properties in the previous two weeks, with the most popular real estate acquisitions falling within the $250-500,000 USD range.
It’s likely that Russian investment in properties in Dubai will only increase as the conflict in Ukraine continues.