Turkey and the United Arab Emirates have become hot spots for Rich Russians are flocking money to me real Real estate, seeking to get financial haven in waking up of Moscow invasion of Ukraine and the suffocating Western sanctions, according to many property Comp.
“We sell seven to eight units to Russians every day,” said Gul Gul, co-founder. of golden mark real real estate company in Istanbul. “They pay in cashthey open bank accounts in Turkey or bring gold.”
In Dubai, Thiago Caldas, CEO of modern life property Company, has hired three Russian-speaking clients to meet Russian interests, which is says Jump tenfold.
Sanctions imposed since February 24 invasion Includes exclusion of Russia from SWIFT banking services system and targeting individuals, especially the oligarchs who are considered close to Russian President Vladimir Putin.
While Turkey and the Russian Emirates have criticized the offensive, Ankara opposes non-UN sanctions on Russia and both countries relatively good links with Moscow and still operates direct flights.
Ankara is trying to balance its close relations with Both Russia and Ukraine have positioned themselves as neutral countries party trying to mediate.
“They are rich Russians but they are not oligarchs,” said Gul, the representative of the Russians. of one of a dozen real Real estate companies interviewed by Reuters. “They find ways to bring money to Turkey.”
“There are clients who buy three to five apartments,” Jules added.
It was the Russians big Buyers of Turkish language property for Years, behind Iranians and Iraqis, however real Property players He said he was there spike in demand in recent weeks.
Although it is still early days, industry figures are strengthening their accounts; In February, as the troops mobilized on Before Ukraine’s borders advanced, Russians bought 509 homes in Turkey approx double The number compared to last year, according to country statistics office.
That data was before Western sanctions took hold and real Real estate agents said they expect the numbers to increase even further up demand already Prepare by world’s emergence from the COVID-19 pandemic.
Ibrahim Babacan his company in Istanbul build and sell real Estate basically for foreign buyers in Turkey said in The past I had many Russians wanted to live in Resort cities like Mediterranean Antalya region. Now they are buying apartments in Istanbul Investment money.
thousands and millions
Both Turkey and the United Arab Emirates offer residency incentives for property buyers. In Turkey, foreigners who Pay $250,000 for a property and keep it for Three years can obtain a Turkish passport. For a slightly smaller amount, Dubai, the Greater Middle East business Axis, offers threeyear residence visa.
Residential apartments worth 750,000 dirhams ($205,000) – threshold for Visa eligibility – experienced bulk of The demand but the more expensive Properties on Artificial islands such as the attractive Palm Jumeirah were bought in Dubai for up to 6 million dirhams, according to the real Real estate professionals.
Investors are looking for Both are capital protection The opportunity to obtain a residence visa in United Arab Emirates for “Temporary transfer,” said Elena Melchenkova. of real Tranio-based real estate brokerage in Moscow and Berlin, which have a focus on Russian customers are buying property overseas.
Her company received nearly three times more Orders for Residential apartments in Dubai in The first Three months of 2022 compared to the same period last year she said.
Some companies say demand it is higher.
Right in the beginning of The invasion of Ukraine, we launched campaign in The region and the number of people who I called us It was…at least 10 times higher Caldas said of Modern life in Dubai.
Chief Executive Officer , who Hired Russian Speaking Agents last The week, he said that really wealthy buyers seemed to be making their preparations and funneling money out of Russia even before the outbreak of the war out A month ago.
Cash and Cryptocurrency
for Russians who Owns bank accounts in Elena Timchenko, Dubai, said the process is relatively simple of Royal Home Real Estate based broker in emirate.
Others turned into friends or contacts for helpbut for some, the challenge of Getting money together or together for purchase So far it’s been too much, she added.
“The wish to buy in Dubai one thing, the ability “Referring to the difficulties,” she said. of Bring money to the Gulf state.
Some newly arrived Russians in Turkey struggled to make deposits and transfers In the banks concerned of Penalties. extra layers of Visa and Mastercard Compliance and Exclusion add to me difficulty.
The United Arab Emirates issued guidelines for banks last year to tighten procedures for Identify suspicious transactions in Try to stop the illegal financial Float.
a senior Executive in UAE bank . said bank He was doing the same checks on Customers as before and did not receive any new Direction from the center bank.
Meanwhile, in Istanbul, real Builder and real estate seller Babacan said he has so far dealt with these Russian clients with they were paying via Banks without problems.
Caldas and Alex Cihanoglu Realtor also Based on in The biggest in Turkey citySome Russians said they were using cash Converted from cryptocurrency now after sanctions made financial transfers more compound.
“I would say more of The transactions we see in Cryptography, “Kaldas added. “Cryptography in particular for this is market Currently, in Difficulties are facingIt is the channel that is being used.
