There’s also a clear trend as to what kind of properties Russian buyers go for, those who work in the business say.
“Mostly luxury properties, especially anything around the sea,” Tahir Majithia, managing partner at Dubai-based Prime Capital real estate, told CNBC. He named sought-after areas like the Palm Jumeirah, as well as the upscale Emaar Beachfront and La Mer properties along the city’s coast.
“Anything near the water with a good view, that is always their first preference.″
Buyers seek a mix of properties to hold and rent as investments as well as for personal use, though most are for investment, Majithia said. “Block deals,” in which a buyer will purchase a whole floor or several, are very common. One floor of a luxury apartment building will cost between roughly $7 million and $10 million on average, he said, though this of course varies with location and size.
Russians were always among the top 10 nationalities investing in Dubai property, Majithia said. But there’s been a spike since February, he noted, adding that “something we also noticed was some of these buyers were also liquidating their assets in other countries and moving those funds over here.”
Many Russian buyers also make their purchases in cryptocurrency, he said, as several of Dubai’s major property firms have started accepting digital currency payments.