Property booming in ‘sanction free’ Dubai as Russian interest spikes

DUBAI, United Arab Emirates — Emirati property magnate Hussain Sajwani is riding high after a record start to the year for Dubai’s property market.

“Dubai is doing very well,” the veteran real estate developer told CNBC on Wednesday. “The way Dubai handled Covid was a key factor in booming the market now.”

Dubai saw $35 billion worth of property market transactions in 2021, the highest recorded since the global financial crisis, according to real estate firm Savills. A separate report from CBRE said total transaction volumes are now tracking at the highest level ever recorded for the first two months of this year.

Sajwani said the United Arab Emirates, which has long been a popular destination for Russian wealth and tourism, would stand to benefit as Russians seek refuge in the UAE and a safe haven for their fortunes amid the ongoing war in Ukraine and unprecedented Western sanctions.