Wealthy Russian investors are snapping up luxury properties in Dubai amid Western sanctions
Wealthy Russians are flocking to Dubai's real estate market as Western sanctions prompt them to look at alternative destinations for their luxury property purchases, The Observer reported on Saturday.
Individuals with money tied to Russian financial institutions have been purchasing properties and leasing apartments in Dubai, which has not imposed financial sanctions against Russia in the weeks following the attack on Ukraine.
Real estate brokers in Dubai are now reporting a surge in interest among Russian investors for property, with some paying one year in rent in advance, according to the paper.
The purchases are made mostly through cryptocurrencies, but some have also been made via transfers from financial institutions linked to sanctioned individuals, a regional intelligence official told the publication.
https://www.yahoo.com/news/wealthy-russian-investors-snapping-luxury-110544924.html
TFG is envious.
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