Wealthy Russians are snapping up properties in the United Arab Emirates in an apparent bid to protect their wealth from Western sanctions imposed in the wake of Russia's invasion of Ukraine.
Real estate agents in Dubai say they have seen a surge in Russian clients seeking luxury properties in the UAE since the war began.
Dubai's Palm Jumeirah artificial island is among the most popular with the Russians. Officials say beachfront properties priced at more than 700,000 dollars are selling well.
One property company told NHK that it has recently hired two Russian-speaking staff to deal with the surging demand. The firm, however, declined to disclose the number of properties it has sold to Russian nationals.
The UAE has been known for its close economic ties with Russia. Last year, Dubai was the third most popular destination for Russian travelers, following India and Saudi Arabia.
The UAE also maintains a cooperative relationship with Moscow in OPEC-plus, an alliance of oil-producing nations. The UAE government reiterated its commitment to working together with Russia on oil production policy, even in the wake of the invasion.
Sheikh Mohammed bin Zayed Al Nahyan, the current president of the UAE, talked to Russian President Vladimir Putin over the phone immediately after Moscow launched the invasion. This is a sign that the UAE is willing to maintain amicable ties with Russia, despite western nations ramping up economic sanctions on the country.
The chief executive of a local real estate company said Russian clients have been arriving in unprecedented numbers.
The official said it appears that Russians are making property purchases for the sake of securing their wealth.
Real estate agents in Dubai say they have seen a surge in Russian clients seeking luxury properties in the UAE since the war began.
Dubai's Palm Jumeirah artificial island is among the most popular with the Russians. Officials say beachfront properties priced at more than 700,000 dollars are selling well.
One property company told NHK that it has recently hired two Russian-speaking staff to deal with the surging demand. The firm, however, declined to disclose the number of properties it has sold to Russian nationals.
The UAE has been known for its close economic ties with Russia. Last year, Dubai was the third most popular destination for Russian travelers, following India and Saudi Arabia.
The UAE also maintains a cooperative relationship with Moscow in OPEC-plus, an alliance of oil-producing nations. The UAE government reiterated its commitment to working together with Russia on oil production policy, even in the wake of the invasion.
Sheikh Mohammed bin Zayed Al Nahyan, the current president of the UAE, talked to Russian President Vladimir Putin over the phone immediately after Moscow launched the invasion. This is a sign that the UAE is willing to maintain amicable ties with Russia, despite western nations ramping up economic sanctions on the country.
The chief executive of a local real estate company said Russian clients have been arriving in unprecedented numbers.
The official said it appears that Russians are making property purchases for the sake of securing their wealth.
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Summary
Rich Russians are buying properties in the UAE, particularly on Dubai's Palm Jumeirah island, as a means to safeguard their wealth from Western sanctions following Russia's invasion of Ukraine. Real estate agents have reported a surge in Russian clients seeking luxury properties since the war
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ID: 628eac66-cc6c-46a3-8c9f-6078c0a80b98
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220525_47/
Date: May 25, 2022
Created: 2022/05/26 07:23
Updated: 2025/12/09 16:02
Last Read: 2022/05/26 07:23