UAE developers wary about Russian buyer exposure | GulfNews.com:
"Some UAE developers are taking a closer look at their off-plan sales to see the level of their exposures to overseas buyers, and especially to those from Russia or one of the CIS states. The check is to see whether these buyers can stick with their upcoming instalment commitments given how some of the currencies have been performing in recent days.
For instance, with their currency in a free fall against the dollar, Russian buyers with exposure in Dubai’s real estate will have to use up more of their roubles to stick to their dollar/dirham commitments. Dubai’s leading developers have in the past extensively chased Russian and CIS buyers for their prestige projects, with some even timing their latest global launches through roadshows in Moscow.
“They deal principally in cash transactions and do have extensive income generating assets outside of their home markets,” said one industry analyst. “They could use these to meet any payment commitments on their Dubai exposures and not rely on their rouble-based assets. Local developers need not be overly concerned, but it’s always a sound practice to see where they stand on their sales exposures to overseas buyers.”"
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