Russians have stopped buying real estate in Europe and have refocused on Turkey, Cyprus and the UAE

Turkey, the UAE and Cyprus became the most popular countries for Russians to purchase foreign real estate.

It is reported by the Financial Times.

Veronika Kintseva, head of Russia, Central and Eastern Europe at Aperio, told about the growth in demand for real estate in the UAE, Turkey and Cyprus.

Previously, wealthy Russians preferred London, Monaco or Paris "because they wanted to be part of Europe," added George Azar, executive director of Luxhabitat Sotheby's real estate agency in Dubai.

In 2022, 219 homes worth more than $10 million were sold in Dubai, more than twice as many as in 2021. Over the year, Luxhabitat Sotheby's Dubai sold homes worth between $600 million and $1 billion to Russians and CIS nationals.

According to an FT source close to the aviation industry in the UAE, Russians transport supercars to Dubai by air, "usually via Poland."

According to Turkey's national statistics agency, Russians accounted for one in four properties sold to foreigners. In total, 16,312, twice as many as in 2021.

Back in August 2022, Russians took the first place in terms of home purchases in Turkey among foreigners. Owning your own home makes it easier to obtain citizenship, a residence permit, or do business. At the end of the year, Turkey issued 153,000 residence permits to Russians, which is more than to citizens of other countries.

In 2022, more than 86,000 home purchase transactions by Russians were registered in Dubai, which was a record. Due to the growing demand for real estate in the UAE, Russian developers Samolet and Pioneer began looking for sites for their projects in December.

Background. As reported, the largest hub for circumventing sanctions in the Emirates was hit by the US and EU sanctions.