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Among the real estate objects, which Russian owners offer to exchange for elite housing in Dubai, is a mansion in the London district of Knight Bridge worth more than $ 42.7 million and an apartment with three bedrooms for $ 10 million
FT reported attempts by wealthy Russians to exchange housing in London
Among the real estate objects, which Russian owners offer to exchange for elite housing in Dubai, is a mansion in the London district of Knight Bridge worth more than $ 42.7 million and an apartment with three bedrooms for $ 10 million
Rich Russians are trying to exchange luxurious real estate in London for elite housing in Dubai in an attempt to circumvent financial restrictions introduced by Western countries due to military operations in Ukraine, reports Financial Times.
According to the newspaper, over the past weeks, the list of real estate, which is proposed by the Dubai realtors, has been a mansion in the fashionable area of London Knight Bridezh worth £ 34 million (about $ 42.7 million) and an apartment with three bedrooms for £ 8 million (about $ 10 million).
Russians want to exchange these and other objects, avoiding bank transfers and financial inspections, while they offer large real estate discounts in the UK.
The interlocutors of the publication in Dubai doubt that the inhabitants of the United Arab Emirates will go to such transactions. As one of the businessmen, who received a list with real estate 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 a coat of arms (tax levied in 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 an agreement on sale and sale is signed.
After the start of the military operation in Ukraine and the sanctions of the West, Dubai attracts wealthy Russians, since the UAE retain a neutral position in relation to the conflict. According to the representative of the Dubai legal agency BSA Ahmad Bin Hezeem Associates Michael Cortbava, the company has significantly increased the number of Russian customers. In addition, he says, the closure of representative offices of large international legal companies in Moscow created a reserve of qualified specialists who can be hired.
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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 residence 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.
