DUBAI: Following the imposition of Western sanctions against Russia for its invasion of Ukraine, Russians are exploring other markets to invest in.
Property purchases in Dubai by Russians have surged by 67 percent in the first quarter of 2022, climbing two places to fifth in a country ranking by brokerage Betterhomes.
Russian buyers were in the 7th position in 2020 and 2021, after rising from 9th in 2019.
Buyers from the UK topped the ranking, followed by India, Italy, and Canada.
The new data is the latest evidence of surging Russian investments in the Middle East as the nation faces pressure and sanctions from the Western countries like the US, the UK, Canada, and Australia.
Ryan Mahoney, CEO of Betterhomes, said that wealthy Russian customers “want premium beach views for the most part,” Bloomberg reported.
Dubai property market
According to Betterhomes report, the property market in Dubai is recovering from a seven-year slump.
Total transactions during the first quarter of 2022 stood at nearly 18,000, with a sales value of about $11.7 billion.
Dubai also saw a record sale for a single private home, worth $76 million, during the first quarter.
