FT reported attempts by wealthy Russians to exchange housing in London

Among the properties that Russian owners offer to exchange for luxury housing in Dubai is a mansion in London's Knightsbridge area worth more than $42,7 million and a three-bedroom apartment for $10 million Dubai,United Arab Emirates

Wealthy Russians are trying to trade luxury real estate in London for luxury housing in Dubai in an attempt to circumvent financial restrictions imposed by Western countries due to the military operation in Ukraine, according to the Financial Times.

According to the newspaper, in recent weeks, the list of properties offered by Dubai realtors included a mansion in London's fashionable Knightsbridge area worth £34 million (about $42.7 million) and a three-bedroom apartment for £8 million (about $10 million).

The Russians want to exchange these and other properties, avoiding bank transfers and financial checks, while offering big discounts on property in the UK.

FORBES reported on the growth of Russian billionaires wishing to buy a house in Dubai Business

Interlocutors of the publication in Dubai doubt that the residents of the United Arab Emirates will agree to such deals. As one businessman, who received a list of properties from a realtor, noted, “In London, you need to provide too many documents.” According to one of the lawyers, difficulties may arise due to the fact that in transactions you need to pay stamp duty (a tax levied on the acquisition of real estate and land), there are also other obligations to pay duties.

However, according to other experts, if the Russian owner is not under sanctions, such transactions can be carried out if a sale and purchase agreement is signed.

After the start of the military operation in Ukraine and the sanctions of the West, Dubai attracts wealthy Russians, as the UAE remains neutral in relation to the conflict. According to Michael Kortbavi, a representative of the Dubai-based legal agency BSA Ahmad Bin Hezeem & Associates, the number of Russian clients has significantly increased since the start of hostilities. In addition, he says, the closure of major international law firms in Moscow has created a pool of qualified professionals to hire.

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The fact that the Russians became interested in real estate and starting a business in the UAE due to sanctions, FT reported back in March. In early April, Forbes wrote that Russian billionaires are attracted by a flexible visa program, so they are also interested in full-fledged living in Dubai.

At the end of March, BLOOMBERG reported that businessman Roman Abramovich plans to buy a house in Dubai on the artificial island of Palm Jumeirah. His representative denied this.
 

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