Russian investors in Dubai real estate have doubled in 2022, top brokers say

Russian investors in Dubai real estate have doubled in 2022, top brokers say

In the early weeks after the Russian invasion of Ukraine, stories spread quickly about Russian capital making a sharp exit from its homeland and seeking safe havens in far-flung cities, including Dubai.

There were several accounts of Russians moving their investments to Middle Eastern countries they believed were safe from sanctions by the US, Europe and the UK, and S&P said demand for Dubai property could be boosted by demand from the country’s wealthier citizens.

Additionally, data from ForwardKeys shows a surge in Russians planning flights to Middle Eastern countries, including the UAE, this summer.

Zawya spoke to three of the emirate’s top real-estate agents, all of whom say that the number of Russian buyers has at least doubled in 2022 compared with the same period in 2021.

For Morgan’s Realty, the increase in Russian buyers in the period from January to June 2022 compared to January to June 2021 was a whopping 180 percent. Elias Hannoush, its co-founder and managing director, said there had been an increase across all nationalities, but the Russian increase was the most pronounced.

There had also been a significant increase in interest from British nationals, up 50 percent, he said, and from German nationals, with more entering the market