Why Wealthy Russians Race to Buy Houses in Dubai?

Dubai (the United Arab Emirates) has recently become the centre of attraction and haven for Russians trying to escape the effect of Western sanctions over the Ukraine war. Dubai is one of the few countries who have maintained a non-aligned ground in the Ukraine-Russian crisis. The UAE government does not place any visa restriction on any country. As a result, wealthy Russians now compete to own property in the United Arab Emirates (Dubai). The number of wealthy Russians acquiring properties particularly houses in the country has quadrupled in the recent days. This recent surge has left a lot of reactions in people who question why this is the case.

The figures, which had been at first posted by way of Metropolitan Premium Properties, a real property agent based in Dubai, noted that over the last four months, there has been a dramatic jump in Russians buying and renting properties, with the most famous real estate purchases in the $250,000-$500,000 bracket. Since Russia launched an offensive on neighboring Ukraine remaining month, over 200,000 Russians have fled the country, with Dubai a famous holiday spot for wealthier Russians. The fascination is not far-fetched. Dubai has a lot of tourist attractions. Also, it is a very accommodating country coupled with her friendly tax policies. Likewise, the country has a peaceful security architecture and a very serene environment devoid of discrimination for emigrants. UAE also offers lots of deluxe apartments for sale even to non-citizens.

Why Wealthy Russians Race to Buy Houses in Dubai?

A report by SyndiGate Media Inc. in May 2022 showed that the sales of houses in Dubai experienced a substantial rise to 55.9% in April, a percentage which was almost double the sales realised since 2009. Moreover, in a different report, Property Finder’s proprietary demand information verified that the Emirate recorded 6,983 real property sales transactions well worth Dh18.2 billion in April, the best possible ever for the month considering that 2009. The report further presented that the real property witnessed 45.48 per cent greater transactions in the same month this year compared to the identical month last year, resulting in a 66.62 per cent spike in value. This is broken down into a 46.2 per cent extend in the secondary quantity and a 63.86 per cent expand in value, as well as a forty four per cent extend in off-plan income transactions and a 73.68 per cent make bigger in value.

Moreover, Russians have been among the pinnacle customers of Dubai real property earlier than the war, and as the Gulf kingdom has averted taking facets on the Ukraine crisis, not sanctioning Russia and retaining its airspace for Russian plane open, the UAE has come to be an increasingly more eye-catching proposition for Russians looking to buy actual estate.

Likewise, the Property Finder’s proprietary demand claimed that the UAE still has a large number of luxurious apartments and accommodations for sale. Emirati property magnate Hussain Sajwani said in an interview with CNBC, “I’m sure a lot of Russians are trying to fix their problems and their issues, but Dubai will benefit ultimately from any crisis”. This is a welcome note to Russians and the international community that properties are very much available for buyers in Dubai. But if looking for villas or townhouses, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac), and The Springs are the current area of interest.

Overall, Dubai is a serene and secured place to domicile. A large number of deluxe properties are readily available for sale. You can grab the opportunity to become an estate owner.

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