Russian buyers snapped up Dubai real estate in the first quarter of this year, climbing two places to fifth in a country ranking by brokerage Betterhomes.
It’s the latest evidence of Russians investing in property in the Gulf business hub as the nation faces ever tighter sanctions over its invasion of Ukraine. Among those scouting the market has been Roman Abramovich, the tycoon with longstanding ties to President Vladimir Putin.
Purchases by Russians surged an annual 67%, Dubai-based Betterhomes said, declining to give a total for transactions. Russian buyers had placed seventh for two years after rising from ninth in 2019.
Wealthy Russian customers “want premium beach views for the most part,” Ryan Mahoney, chief executive officer of Betterhomes, said in an interview. Popular neighborhoods include Dubai’s famous man-made island The Palm Jumeirah, home to multi-million-dollar properties.
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