Numerous property companies in the Arab countries reported that the wealthy Russians are pumping billions into property investment in Istanbul and the United Arab Emirates, seeking a financial sanctuary in the aftermath of Moscow’s invasion of Ukraine and Western sanctions.
‘Every day, we sell seven to eight units to Russians,’ said Gul Gul, co-founder of Istanbul’s Golden Sign real estate company. ‘They buy in cash, open bank accounts in Turkey, or bring gold,’ says the seller.
Thiago Caldas, CEO of the Modern Living property firm in Dubai, has hired three Russian-speaking agents to match the tenfold increase in Russian interest, he claims.
Since the February 24 invasion, Russia has been barred from using the SWIFT banking system, and individuals associated with President Vladimir Putin, such as oligarchs, have been targeted.
While both Turkey and the United Arab Emirates have condemned Russia’s invasion of Ukraine, Ankara opposes non-UN sanctions against Moscow, and both countries have relatively excellent ties with Moscow and still maintain direct flights, potentially providing avenues out for Russians and their money.
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