Russian billionaire Roman Abramovich goes house-hunting in Dubai
It is no secret that Vladimir Putin’s aggression in Ukraine is essentially linked to his desire to revive the past glory of the USSR as an empire.
Even as oil continues to drive the Russian economy forward, a lot of its wealthy citizens, such as Roman Abramovich, have had to realign their resources, especially the investments in Europe and America. And there is only one place for the rich and famous to converge on the world atlas – Dubai.
According to a report in the Guardian, the emirate is witnessing a bull run of sorts in the past month or so. Russian oligarchs and cashed-up compatriots are making a beeline for real estate, banking, and car dealership companies.
Through personal visits, offshore companies or virtual tours, the Russians are entering into investment deals in the emirate, where buying a luxury villa for as little as $1.5 million is enough to get a residency visa, too. Coincidentally, the UAE has reformed its laws for companies while ensuring ease of business is on its smoothest curve in the region.
Abramovich and his compatriots are navigating through international waters while some have already arrived in Dubai and are snapping up luxurious properties which cater to their interests.
With a lot of experience in dealing with high net-worth individuals, Kingsley Properties have a few options which could be befitting to the clients’ taste and requirements, as always.
Abramovich, for instance, will need space for his luxury yachts – Eclipse and Solaris – among others. So will other affluent Russians need parking space for their yachts. Eclipse was the longest yacht in the world before Azzam, owned by Sheikh Khalifa bin Zayed Al Nahyan, took over the mantle.
The Chelsea owner has put his football club for sale just as his Kensington property. While a Bloomberg report says Palm Jumeirah is where he has his sights on, there are plenty of options for him and oligarchs such as Alisher Usmanov, the Everton owner.
The latest figures from Dubai Land Department show an astronomical figure of Dh21.01 billion worth of property transactions conducted for the period from March 1 to 30.
With the economy bouncing back in the UAE and the Expo 2022 coming to a successful end in Dubai, the influx of Russians can only be good news to the real estate industry in the region.