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Rich Russians pile into Turkey, Dubai property

STORY: Wealthy Russians have poured money into real estate in the United Arab Emirates and Turkey.That’s according to some property firms in the region.It comes as Western sanctions hit Russia hard over the conflict in Ukraine.Thiago Caldas is CEO of Dubai firm Modern Living. He has hired three Russian-speaking agents due to higher demand.”Russians are already used to Dubai. They just kept coming more. Obviously, the number of Russians who got interested in the market here is much more than I would say two or three months ago.”Both Turkey and the UAE have criticised Russia’s invasion, but they still have good ties with Moscow.They also both still operate direct flights – offering a route out for Russians with their money.Caldas says wealthy buyers seemed to be making preparations and moving their money out of Russia even before the war began. Buying property in Turkey can also be a way to get a passport from the country, while in the UAE it can be a way to earn a residency visa. “Right in the beginning of the invasion of Ukraine, we launched a campaign in the region and the number of people that contacted us, was I would say at least 10 times higher than what would usually be for such types of campaign.”In February, Russians bought 509 houses in Turkey – almost double the number of last year, according to the country’s statistics office.Real estate agents expect the number to grow further both there and in the UAE.

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