100 Percent Increase in Russian and CIS Property Investments in Dubai during H1

Tamara Getigezheva

100 Percent Increase in Russian and CIS Property Investments in Dubai during H1

Property sales to customers from Russia and the 11 other CIS countries doubled in the first half (H1) of this year compared to the same period in 2021, according to Dubai-based property consultants Mira Estate.

Mira Estate achieved more than AED2 billion in property sales to CIS customers so far this year. The company’s sales figure for the same period last year amounted to AED1 billion.

Tamara Getigezheva, CEO, Mira Estate, said, “The war in Ukraine and the impact of sanctions on Russian-speaking individuals and their establishments have led wealthy CIS investors to flee their countries and find a haven in Dubai. CIS billionaires and entrepreneurs have been flocking to the UAE in record numbers, leading to a surge in demand for real estate. Most homebuyers are looking for ready units and waterfront properties.”

In a statement earlier, Mira Estate revealed that the CIS customer base now represents more than 20 percent of potential homebuyers in Dubai with the average ticket size ranging from AE2.5 million for individuals and AED25 million for high-net-worth individuals (HNWIs). The share of real estate investments in Dubai by Russian and CIS individuals is 10 percent to date this year.