In Istanbul and Dubai, Russians pile into property to shelter from sanctions

A general view of residential properties at the Balqis Residence on Palm Jumeirah in Dubai, United Arab Emirates, March 25, 2022. Picture taken March 25, 2022. REUTERS/Christopher Pike

ISTANBUL/DUBAI (Reuters) - 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."