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Russia’s middle class is fleeing en masse to the UAE, buying up all available real estate

The heated Ukrainian war and the geopolitical situation prompted Russians, or rather the middle class, to choose real estate in a narrow range of foreign proposals. Losing opportunities to buy housing in European countries, the Russians rushed to buy real estate in Turkey and Dubai. According to the newspaper “Kommersant”, over the past three weeks there has been a 40 percent increase in demand for housing in the UAE compared to the same period in February. In the UAE, buyers are attracted by the soft tax laws, the ability to obtain a residence permit in the popular winter tour destination and the relative simplicity of transactions.

Last month was also hectic: according to Kalinka Group founder Kateryna Rumyantseva, the number of Russian deals in Dubai was 70% higher year on year.

The news, based on data from Golden Brown Group and Becar Asset Manegement, also noted that the number of Russians who bought housing in Dubai has risen sharply since early February. And the average value of real estate varies from $ 272’000 to $ 816’000.

Dubai’s Russian-speaking population is estimated at about 300,000. In other words, for every 10 people living in the emirate, there is one Russian.

The emirate grants entry to foreigners who buy assets worth more than $ 204,000. In addition, even after the start of the acute Ukrainian war, the United Arab Emirates is still one of the countries where tourists from Russia can get there by direct flight.

Due to the ban on the export of foreign currency from Russia, tourists resort to some tricks, the newspaper said: Russians open ruble accounts in foreign banks and thus take out of the country rubles with a minimum fee or use cryptocurrency to buy housing.

As for Turkey, the republic has always been of interest to Russians. For example, last year the Russians concluded 5.4 thousand agreements in the country, which is 75% higher than in 2020. Burlakovskaya also included Georgia, Thailand and Turkey in the growing markets, while in other areas the demand for asset purchases began to fall.

It should be noted that at the moment, according to experts, Russia retains air connections and access to twenty countries. They present the following list:

  • Algeria,
  • Armenia,
  • Bahrain,
  • Belarus,
  • Venezuela,
  • Israel,
  • India,
  • Iraq,
  • Iran,
  • Kazakhstan,
  • Qatar,
  • Kyrgyzstan,
  • Morocco,
  • Mongolia,
  • UAE,
  • Serbia,
  • Syria,
  • Tajikistan,
  • Turkmenistan,
  • Turkey
  • Uzbekistan.

Here, however, it is worth clarifying: the international lobby of insurers has already planted Morocco, banning it from flying to Russia. Discussions are currently underway against flights to Serbia.

Also, six Russian carriers still dare to fly abroad – mostly those who are allowed to do so by the existing fleet of “Superjets”, not prone to sanctions. Note that according to Rosaviatsia, there are only 147 such liners in the country, and not all of them operate on foreign flights. However, they still operate 250 flights a week to Azerbaijan, Armenia, Belarus, Kyrgyzstan, the UAE, Tajikistan, Turkey and Uzbekistan, but for how long?

For those who care about a healthy lifestyle, we recommend reading: “8 hours is a myth: scientists have told how many hours a person really needs to sleep every day“.

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