The number of Russians owning real estate in Dubai (United Arab Emirates, UAE) has quadrupled in two weeks, according to reports by Lenta.
The figures, which were originally released by Metropolitan Premium Properties, a Dubai-based real estate agent, said that over the past two weeks there has been an increase in the number of Russians buying and renting properties, property purchases the most popular in the 250-$500,000 parenthesis.
Since Russia launched an offensive on neighboring Ukraine last month, more than 200,000 Russians are thought to have fled the country, with Dubai a popular destination for wealthier Russians.
Dubai has become an increasingly popular tourist destination for Russian holidaymakers over the past five years, due to its relaxed visa laws and package tours.
Russians were among the main buyers of real estate in Dubai before the war, and as the Gulf State has avoid taking sides over the Ukraine crisis, not sanctioning Russia, and keeping its airspace open to Russian aircraft, the UAE has become an increasingly attractive proposition for Russians looking to buy real estate.
“I’m sure a lot of Russians are trying to solve their problems and problems, but Dubai will ultimately benefit from any crisis,” said Emirati property tycoon Hussain Sajwani. noted in an interview with CNBC.
A Reuters report found that Emirates Crypto firms have been inundated with requests from wealthy Russians over the past month as they seek to liquidate their crypto-protected fortunes and invest in Dubai property.
The Business Insider reported that four private jets left Moscow for Dubai last Thursday after Russian President Vladimir Putin pledged to rid Russia of “traitors” and “scum” in a televised address.
Dubai remains far less attractive to less wealthy people fleeing Russia due to the Gulf state’s high cost of living and expensive real estate.
Russian designer Ellada Gasanova took to Instagram to to complain on the cost of housing in Dubai. According to Gasanova, it is difficult to find a suitable place due to the high demand and the resulting sharp increase in real estate prices in the Gulf state in recent times.
Options closer to home remained more popular destinations for middle-class Russians, including Finland, Armenia, Turkey and Georgia. The Georgian government says around 25,000 people have crossed the border in the past three weeks.