Russian billionaires are reportedly fleeing to Dubai. See some of the city's most popular luxury properties attracting the world's wealthiest people.
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- Many countries have sanctioned Russia's elite over the country's invasion of Ukraine.
- One city, however, still welcomes them: Dubai.
Dozens of Russian elites have been sanctioned in response to the country's invasion of Ukraine.
Russian President Vladimir Putin (L) toasts holding a glass of vodka with Deputy Defense Minister Valery Gerasimov (R) and Presidential Administration Chief of Staff Sergei Ivanov (C). Mikhail Svetlov/Getty Images
While many have been banned from countries including the US and UK, there's still one place welcoming them with open arms: Dubai.
KARIM SAHIB / AFP via Getty Images
Source: The New York Times
The UAE, which includes Dubai, initially abstained from a US-led United Nations Security Council resolution condemning the invasion. It has reportedly reassured Russia that it won't impose sanctions unless mandated to do so by the UN.
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Source: The New York Times, Business Insider
Members of Russia's elite are reportedly fleeing to the safe haven after being cut off from entering much of the rest of the world.
KARIM SAHIB/AFP via Getty Images
Source: The New York Times
Dubai is famed for its luxury real estate, which draws the business of wealthy clients around the world.
AP Photo/Kamran Jebreili, File
Here's a look at some of the most lavish places attracting Russian billionaires fleeing from global sanctions:
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1. Burj Khalifa
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The world's tallest skyscraper houses 900 luxury apartments. They include everything from studios, which start at around 1.1 million AED ($299,483), to four-bedroom units, which go for 24.8 million AED ($6.8 million).
REUTERS/Mohammed Salam
Source: Bayut
2. Dubai Marina
AP Photo/Jon Gambrell
All told, there are several thousands of residences available at the Marina, which range from around 478,000 AED ($130,139) to 20 million AED ($5.4 million).
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Minutes from the Marina, you'll find this waterfront high-rise residential block. Jumeirah Beach Residence is comprised of roughly 40 skyscrapers, 35 of which are residential towers and five are hotels.
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Studios here sell for 834,000 AED on average ($227,062). Interested buyers looking for more space will also find penthouses, duplexes, and five-bedroom apartments, which typically sell for around 12.9 million AED ($3.5 million).
It's also one of Dubai's most popular freehold areas, meaning property there is "free from hold" from any entity besides its owner.
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4. Palm Jumeirah
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This $12-billion manmade archipelago takes the shape of a palm tree and is divided into segments including The Crescent, The Trunk, and 17 "fronds." Studios on the artificial islands start at 750,000 AED ($204,193), and five-bedroom apartments can run you 40 million AED ($11 million).
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Source: Bayut
5. Emirates Hills
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This upscale gated community, often referred to as "the Beverly Hills of Dubai," is comprised of roughly 600 villas. A unit currently available for sale boasts seven bedrooms and 10 bathrooms across its 18,553 square feet. It's furnished and ready for move-in for the cool price of 50 million AED ($13.6 million).
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Source: Emirates Hills
6. Business Bay
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A mixed-use neighborhood on the banks of the Dubai Canal, Business Bay has both residential and commercial buildings. The average sale price of studios in the area is 660,000 AED ($179,690), while five-bedroom apartments go for 39.7 million AED on average ($10.8 million).
REUTERS/Satish Kumar
The annual rent of a penthouse in Business Bay averages up to 1.3 million AED ($353,934), and a four-bedroom villa can run you 247,000 AED ($67,247) per year.
7. Dubai International Financial Center
REUTERS/Christopher Pike
Near Business Bay, you'll find another major mixed-use development: The Dubai International Financial Center. The area is a leading financial hub for the South Asian, African, and Middle Eastern markets, with residences ranging from studios to triplex penthouses. Sale prices for penthouses typically start around 3.9 million AED ($1.1 million).
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Source: Bayut
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