The wave of Russian buyers entering the Dubai real estate market

According to "Iran Economist" Western sanctions against Russia have caused Russian citizens to stop investing in Western countries and go to buy property in Dubai. According to the report of Iran's Economist international economy reporter, quoted by Bloomberg, Russian citizens are now at the top of the list of the largest foreign property buyers in Dubai. Emaar Company, which is the largest real estate agency in Dubai, has announced that Russians are the biggest buyers of property in Dubai.

Statistics show that after the imposition of sanctions against Russia, Russian citizens have stopped investing in Western countries and the amount of property purchased by Russians in Dubai has increased significantly. This issue has caused us to see the increase in property prices in Dubai. Sarah Boutros, an expert at CI Capital Institute, says: While Russian citizens were the ninth largest buyers of property in Dubai in 2020, they have taken the first place this year by purchasing 12% of all properties in Dubai.He said: We expect to continue to see a large presence of Russian citizens in buying property in Dubai. The lack of rent tax and high rents are among the things that have led Russian citizens to invest in Dubai real estate. Statistics show that while we are witnessing a decline in the housing market in Western countries, property prices in Dubai have grown by 17% over the past year.