UAE is reaping gains while the Russia-Ukraine tensions escalate. The sale of luxury villas and flats is booming in Dubai. The real estate boom in the UAE is being driven by non-sanctioned Russians who are fleeing their home country.

The reason behind the Russian transactions in the UAE

In January and March, property purchases by Russians in Dubai increased by 67 percent. The number of Russians arriving in the UAE increased by March 2022. The UAE was one of the countries that did not join either side in the Russia-Ukraine war. The UAE had also abstained from a vote by the UN Security Council to condemn Russia's invasion of Ukraine, and from a vote on Russia's expulsion from the UN Human Rights Council. The UAE had also not backed Western calls for sanctions against Russia. These are the reasons behind the financial transactions of the Russians in the UAE.