Real Estate
Russians Lose Taste for Suddenly Pricey Dubai Property
The steep drop in the Russian currency has accelerated a decline in a market that was naturally running out of steam, brokers say.
Sunbeds on the beach at Jumeirah Beach Residence in Dubai.
Photographer: Christopher Pike/BloombergThe Russian property boom in Dubai appears to be over.
Russian purchases of Dubai real estate have been slowing down over the last few months, brokers say, during a year in which the ruble lost a third of its value. Meanwhile, there’s a natural ebb after a flurry of buying in the year following the Ukraine invasion, according to the brokers, and some Russians who have resettled here decided Dubai just wasn’t for them and have moved on.