Two thirds surge in Dubai property sales to Russians

Property purchases in Dubai by Russians surged by 67% in the first three months of 2022, according to UAE property agents Betterhomes. 

Virtuzone, which helps companies to set up operations in Dubai, told the BBC it had seen a huge surge of Russian clients.

"We are receiving five times more enquiries from Russians since the war began," said chief executive George Hojeige.

"They are worried about an economic meltdown that's coming. That is why they are moving here to secure their wealth," he added.

The influx of Russian nationals has bolstered demand for luxury villas and apartments across the city. Real estate agents are reporting a surge in property prices, as Russians arriving in Dubai are looking to purchase homes.

Dubai-based real estate agency Betterhomes found property purchases by Russians surged by two-thirds in the first three months of 2022.

And another real estate agency, Modern Living, told the BBC it had hired many Russian-speaking agents to cater to rising demand. Chief executive Thiago Caldas said they were receiving numerous calls from Russian nationals looking to relocate to Dubai immediately.

"Russians who are coming down are not buying just for investment, they are looking at Dubai as a second home," he said.