ISTANBUL/DUBAI - Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow's invasion of Ukraine and Western sanctions, according to many property companies.

"We sell seven to eight units to Russians every day," said Gul Gul, co-founder of the Golden Sign real estate company in Istanbul. "They buy in cash, they open bank accounts in Turkey or they bring gold."

In Dubai, Thiago Caldas, CEO of the Modern Living property firm, has hired three Russian-speaking agents to meet Russian interest, which he says has leapt tenfold.

Sanctions imposed since the Feb. 24 invasion include Russia's exclusion from the SWIFT banking system, and the targeting of individual such as oligarchs deemed to be close to President Vladimir Putin.

While Turkey and the UAE have criticised the Russian offensive, Ankara opposes non-U.N. sanctions on Russia and both countries have relatively good ties with Moscow and still operate direct flights, potentially offering routes out for Russians and their cash.

"They are wealthy Russians but not oligarchs," said Gul of Golden Sign, one of a dozen real estate companies interviewed by Reuters. "They are finding ways to bring their money to Turkey."

"There are customers buying three to five flats," Gul added.
Russians have been big buyers of Turkish property for years, behind Iranians and Iraqis, yet the real estate players said there had been a spike in demand in recent weeks.

Though it's still early days, industry figures bolster their accounts; In February, as troops massed on Ukraine's border before advancing, Russians bought 509 houses in Turkey, nearly double the number they snapped up last year, according to the country's statistics office.

Source: reuters