Multiple brokers report a big jump in the number of Russian billionaires searching for multimillion dollar homes in Dubai.
As millions of Ukrainian refugees flee their war-torn country to Poland and western Europe, Russian oligarchs are fleeing—via their luxury yachts and private jets—to a different location: Dubai.
Displaced by sanctions and unwelcome in the West, Russian billionaires are on the hunt for luxury properties in Dubai, lured by the Emirate’s glitzy beaches, flexible visa program and pledged neutrality on Ukraine, according to several Dubai-based real estate brokers who have shown properties to representatives of Russian billionaires.
"We are getting increasing requests from Russian oligarchs,” says Şerif Nadi Varlı, the lead real estate broker at Vartur Real Estate, which has offices in Dubai and Turkey, another top destination for wealthy Russians looking to escape sanctions. “Those kinds of people are looking for bigger investments, they're scared to keep their assets in European countries."
“We have seen some interest from oligarchs, not just in buying property in Dubai, but fully residing in Dubai,” says another broker, who asked to remain anonymous for concerns of breaking confidentiality agreements. A third Dubai-based real estate executive says their firm has worked with “multiple” Russian billionaires scouting for homes.
The oligarchs will be in familiar company. At least three Russian billionaires and one recent dropoff already own properties in the emirate city-state, according to data provided by the Washington, D.C.-based nonprofit Center for Advanced Defense Studies. Fertilizer tycoon
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