Monday, May 27, 2024

Decrease in Russian Interest in Dubai

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Russians are scaling back their property investments in Dubai due to rising local prices and tighter US sanctions compliance policies. Dubai’s property boom has been fueled by investor-friendly reforms and surging demand, with Russians among the top real estate buyers after sanctions barred them from investing in Western countries. However, demand from Russia has slowed as an expat rush has driven up rents and expenses. Banks in the UAE have also faced increased US pressure, leading them to tighten controls on servicing Russian individuals and entities, even though the Gulf state hasn’t joined the Western sanctions campaign against Moscow. While average middle-class Russians have largely not faced major issues, several sanctioned Russians and those with alleged affiliations have faced difficulties operating bank accounts.

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