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.¡±
In Dubai, Thiago Caldas, CEO of the Modern Living property firm, has hired three Russian-speaking agents to meet Russian interest, which he says has leapt tenfold.
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