Why Russian buyers are attracted to Dubai’s realty market

Why Russian buyers are attracted to Dubai’s realty market

Tax-free regime, affordable mortgage and business opportunities are big incentives

Published: Sat 4 Jun 2022, 10:26 PM Last updated: Sat 4 Jun 2022, 11:03 PM

Maria Shurshalina, a 20-something Russian from Sverdlovsk, has seen the graph take off since she landed in Dubai six months back. The trendy marketer with smart aviators, who loves luxurious scents, has become a successful realty broker in double-quick time. Her success mirrors the growing Russian interest in the emirate. The savvy broker has sold over 92 properties, including apartments, villas and townhouses, in the past few weeks to Russian investors.

“At a conservative estimate, property prices have surged over 30 per cent in Palm Jumeirah, Downtown, Dubai Marina, Jumeirah Beach Residence and Dubai Hills. Russians love the sun and the sand in Dubai and the UAE. But they are shrewd investors, too,” Maria says.

Buyers see a lot of value for money. The emirate’s ease-of-doing business, a tax-free regime and affordable mortgage plans are big incentives for Russians looking to buy a home away from home.

Brokers surmise at least 100,000 Russians have arrived in Dubai since the beginning of the Ukraine crisis, doubling the size of the community. Many newcomers are also looking at homes in Ras Al