The figures, which were originally published by Metropolitan Premium Properties, a real estate agent based in Dubai, indicated that in the past two weeks there has been an increase in Russians buying and renting properties, with the most popular real estate purchases ranging from $250 to $500,000.
Since Russia began the war with Ukraine last month, more than 200,000 Russians are believed to have fled the country, with Dubai being a popular destination for the richest Russians. It has become an increasingly popular tourist destination for Russian travelers over the past five years, due to its relaxed visa laws and promotional packages.
Russians were among the main buyers of real estate in Dubai before the war, and since the Gulf State has avoided taking sides in the crisis in Ukraine, did not sanction Russia and keep its airspace open for that country's aircraft, the UAE has become a proposal increasingly attractive to Russians with sufficient resources, who seek to buy real estate there.
“I'm sure many of them are trying to solve their problems, but Dubai will ultimately benefit from any crisis,” Emirati property magnate Hussain Sajwani said in an interview with CNBC.
A Reuters report found that Emirates' Crypto companies have been filled with requests from wealthy Russians in the past month as they seek to liquidate their protected crypto fortunes and invest in real estate in Dubai.
A large number of companies operating in the Emirates are receiving requests to settle billions of dollars in cryptocurrency, as an alternative method to safeguard their fortunes and shelter their wealth, Reuters reported. According to crypto company executives, some clients are using cryptocurrencies with the aim of investing in real estate in the United Arab Emirates, while others want to use companies from there to convert their virtual money “into hard currency and store it elsewhere.”
It should be noted that the real estate market in the Emirates has been agitated in recent weeks after the possibility of extending sanctions against Russians in the crypto asset universe took hold.
Business Insider reported that four private jets left Moscow for Dubai last Thursday, after Russian President Vladimir Putin pledged to rid Russia of “traitors” in a televised speech.
Dubai remains far less attractive to less wealthy people fleeing Russia because of the Gulf State's high cost of living and expensive real estate.
Russian designer Ellada Gasanova took to Instagram to complain about the cost of housing in Dubai. According to Gasanova, it is difficult to find a suitable place due to the high demand and the subsequent sharp rise in housing prices in recent times in the Gulf State.
Options closer to home have remained the most popular destinations for middle-class Russians, including Finland, Armenia, Turkey and Georgia. The Georgian government claims that approximately 25,000 have crossed the border in the last three weeks.
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