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Reuters
Reuters
Business
Ceyda Caglayan, Saeed Azhar and Riham Alkousaa

In Istanbul and Dubai, Russians pile into property to shelter from sanctions

Dubai Istanbul Russia Turkey United Arab Emirates Moscow Ukraine Palm Jumeirah
A general view of residential properties at the Balqis Residence on Palm Jumeirah in Dubai, United Arab Emirates, March 25, 2022. Picture taken March 25, 2022. REUTERS/Christopher Pike

Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow's invasion of Ukraine and Western sanctions, according to many property companies.

"We sell seven to eight units to Russians every day," said Gul Gul, co-founder of the Golden Sign real estate company in Istanbul. "They buy in cash, they open bank accounts in Turkey or they bring gold."

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