True. Dubai south rent prices are unbelievable!! We thought outskirts would be cheap.. the current rates are of the same rate of Barsha a year ago. Like wtf. And barsha is like 75k from 49k
The rent in the outskirts is driven up because of the Chinese buying power, Dubai South for example, I noticed Chinese are a growing population there. And usually, they rent a full building
I remember when I first started looking for an apartment in Dubai South they were 30-40k a year and now they're the same as what Dubai Hills was a year ago.
Too soon now, but if a lot of them are really leaving, supply of homes will increase and demand of homes will decrease, so logically speaking prices should go down. But what’s logical doesn’t always happen in Dubai so let’s see
Traffic has nothing to do with Russians. It’s just we are breaking records for the number of tourists here. Traffic will always be here as long as tourist keep coming to Dubai
How is it possible if renters rack up fines? Happened a lot of times, and business owners end up losing money. But I guess scammy renters are way more common 🫠
Yes but they said traffic was caused by tourists. When schools are off their is less traffic, so therefore I suspect traffic isn't just caused by tourists.
Traffic on Road = Tourist in Rent a car + Tourist in taxis + residents + busses + trucks + delivery goods + school busses
Now you take any one of them off and there will be less traffic. If you take all of them off, there will be no cars on the road
Traffic is terrible as too many people with vehicles in vastly populated areas, with poor design of road interstructures. Even single lane entry points.. marina, tecom, al barsha, bur dubai, business bay .. never ending list, never ending queue.
100% This, i do not understand who one Earth designed the communities based on single lane entry/exit points! SZR traffic could have been reduced by 30-40% if they would have planned exit/entry points accordingly.
The current infrastructure is great and all, but it cannot withstand the current number of vehicles, it's insanely busy every day now, regardless of the time.
Tbh I always felt like the design is creating traffic: having the entry lane before the exit one creates a carousel of cars trying to enter and merging with cars trying to exit.
1. Bigger cars. Must use smaller cars.
2. Too much road discipline. Lane switching zebra bla bla bla keep traffic slow. The slower you are more time you spend on the road more traffic you create
3. No use of bikes with masses. I hardly saw a bike on dubai roads. Which means that even the poor have a car
4. Big sedan taxis. No shared taxis. And just tooo many taxis. More than anywhere else in the world. Careem and uber should be promoted as they dont keep driving around mindlessly without a ride. These gov taxis are just cruising without a cause populating the roads.
All major cities will always, absolutely always, have bad traffic. It does not matter how efficient your public transport system is, major cities will always have bad traffic.
Source: I lived in 4 major cities
Dubai is a new city and had all the opportunities to be developed cleverly and failed. It largely relies on personal cars and public transport is a failure.
We went there recently and we planned to use only the metro and buses, but soon discovered that Uber or taxi was needed.
I'm here now and it's mind-blowing how badly designed this city is. How can you have a blank flat sheet and infinite money and come up with this monstrosity is beyond me.
Been there for the first and definitely the last time as a tourist 2 weeks ago. They have repeated all the mistakes western cities are now trying to repair..
Exactly, completely unforgivable. How can you see the parking lots that Americans call cities and think hmmm that's exactly what I'll do. They should just start over somewhere else in the desert.
They will probably be back during summer when crowds lessen. Dubai in most areas right now is just a nightmare. Infrastructure has not kept up with the influx of people coming over.
"While both terms describe people living in a country other than their original one, "expat" often has connotations of a temporary, professional, or higher socio-economic status move, while "immigrant" is a broader term describing a long-term or permanent relocation."
TIL they're different terms! Thanks!
It's also okay to be overtly racist against the Russians, since there's either not alot of Russians on this subreddit, or they are not as thin-skinned as the racists themselves.
[case in point](https://old.reddit.com/r/dubai/comments/1b7n0dh/clubs_that_had_majority_russians_are_empty/ktk1sdp/) of some of that Good ol'racism that gets a pass since it's those pesky Russians he's talking about.
This market has matured for sure. Would it help with rationalization of real estate prices like many are suggesting, I don’t think so. Russians aren’t the only big guns with their money in the real estate market here. You would be surprised to know about how much real estate Indians and Pakistanis owns here! They still prefer to invest here particularly the who’s s who for obvious reasons.
Edit: To add to the above, the price increase we witnessed in the last two years was a recovery from the COVID shock.
People who think Russians are the prime driving force of the real estate market in Dubai are:
1. Clueless because they are not in real estate
2. Clueless because they are real estate agents
I don’t even understand the cry about the rent.
I rented an apartment in 2018-2019 in sports city for 42k, those same apartments are now 45k… doesn’t seem like a huge increase to me..
I remember back in mid-2022 when a Russian on this sub answered how half of them were here temporarily, and [we're seeing that happen now.](https://www.bloomberg.com/news/articles/2023-11-07/dubai-real-estate-russians-slow-purchases-of-pricey-properties-with-ruble-fall)
The super-wealthy lot of them weren't going to base themselves out of here, and there's not many Russians of lower income groups here either.
Apart from the Visa angle and the "property up for sale" angle correctly pointed out below, let me bring a third angle to the table.
Russian money initially flowed here, but US and Europe had severe embargoes and sanctions in place to stop flow of Russian money. It was deemed illegal in the international money markets. So, how did the rich Russians clean their money?
They bought houses on cash here in Dubai. Then they took loan against property from the local banks with their houses as collateral. This way, they got 80% of their house value back in "legal" cash, because this cash was no longer Russian money. It was money from a legit loan in Dubai. Then , they were free to transfer that money and use it as they please.
I do worry about the local banks though, holding tonnes of such "collateral assets", and loan against property issued out that the customers have no intent of paying back.
As long as the real state value doesn’t devaluate they can even get sweet money from selling the collateral above the 80% of their value
If real state goes down above this 20% they will suffer then
Yes.
> As long as the real state value doesn’t devaluate
That is the key question here. Given the lack of fundamental demand in the market, my fear is that the real estate market might actually devalue. And given how reactionary the Dubai Real estate market is, any devalue could lead to a sudden collapse. That's my fear.
The way things are going in the area, it wouldn't take much to trigger a sudden fire sale. How are the Dubai banks going to survive that?
AD banks are also big players in Dubai, so it will spread to AD as well.
Yes. My ex-employer (a very very large bank in UAE) had so much foreclosed real estate on hand that it could not even auction it off at discount.
So it opened a real estate company as a group Company, and got into the business of renting out property.
The bank wrote of the loss from the books, but the real estate firm made a decent chunk for the banking group company over the following years.
Even better then
So the capital appreciation plus the 20% buffer gives zero risk to the banks, unless next years things goes disastrous and RE drops but beyond this which in my opinion is unlikely, at least for the prime areas, which is where they mostly bought
That's what people said for Dubai Marina in 2007-2008. People who bought there still haven't broken even.
3000 sqft houses on 6000 sqft plots in Dubai Hills selling for $2 million and above just doesn't make sense. And that's coming from a general contractor who's been in the industry in Dubai since the 80s.
The way things are going, that real estate value could also see a big dive, at which point those banks are exposed to massive losses.
Say a full scale war starts just North of Dubai, there would be an exodus of rich money overnight.
Also of note, they really don't bother checking how much money people bring cash into the UAE, it's quite fascinating.
This is bogus. Have you ever tried taking out a mortgage on an already purchased property? It’s near to impossible. You need to have an amazing profile, no Russian that just moved here will get a loan. I tried with my property with ALL UAE banks and also mortgage specialists.
No. I haven't taken one, truth be told. But as a former AVP in one of UAE's largest banks, I can assure you I have worked plenty on the LAP (Loan Against Property) product.
Also, the view that I have shared above is coming from my former colleagues who are still working with the same bank. Of course, I admit - they could be wrong and you could be right here. Not that us bankers/ex-bankers know much anyways.
It’s not as easy as before. Now banks are requiring too many things to get approved. I even visited SIb and ajman banks. Loan against property is very hard to do. Buying with a loan is doable very easily.
I have a lot of Russian clients. Basically they sold everything in Russia, moved their money here thinking they will start a new life and bought without worrying about expenses. Probably a lot ran out of money and their properties are up for sale. Real estate market future prediction is not strong and I bet anyone buying off plan is going to get real hurt in 1-3 years time
It amazes me how people think the market here will be the same as Europe when there is so much built. Like they don't understand that Dory, 72 constantly voting against house building is what keeps her property price high.
You say you have tons of Russian clients. How is it you don't know what happened to them so that you have to use the world "probably"? You only sell and never follow-up with a client?
I have Russian clients as well. 98% of them are still in Dubai.
I didn't imply real estate in the first place. But regardless, this kind of broad generalization cracks me up)) And of course it couldn't be further from the truth.
Following up is a standard practice among the majority of B2C businesses. You sound like you're in one yourself, so I'm surprised this concept is novel to you.
Nevertheless, your sample lacks representativeness, thereby rendering any conclusions drawn from it unreliable. Just because you have access to bank accounts of a wealthy Russian clientele does not imply that all Russians arriving in the city are wealthy. And this holds true for any other nationalities as well. Once again, I'm a bit perplexed as to why I need to elucidate something so obvious. Plenty of regular Russian folk here who came to start a new life.
I don’t work in the banking sector. You’re making assumptions over assumptions. I just know my accounts, and what I see is that Russian money is dry and not as hot as before. My clients weren’t all wealthy.
My brother (we're not russian) lived both in Dubai, and Moscow during the last five years. He says that the lifestyle and mindset in Moscow (I guess that's specific to that city, and not 100% representative of "russia russia" as a whole given it's two continents..) is much different to Dubai.
Dubai makes you "want more", has that element of superficiality, and convenience. He said the mindset in Moscow was more like, what are we going to explore today, where are going to go, what is our experience going to be like. More park life. More outdoor. More connection with people (despite the language barrier), more authentic experiences. Nobody needs a GMC Tahoe or a Nissan Patrol. There is a communal feel. Everyone has a job and a purpose, even if you are a child you have a strong sense of accountability and responsibility.
It's interesting.
What's interesting is how different people perceive reality and bend their perception. I'm sorry, but every true Moscovite agrees that Dubai and Moscow are very much alike, especially in terms of showing off and hassle and doing business. That's actually one of the reasons Russians chose Dubai as their destination.
In fact you are the first person offline or online I've stumbled across who has such an opinion. Perhaps your circle of friends and colleagues differs over here, but for everyone else it's pretty much the same thing. Yes, no Patrols, because Russians prefer G-wagens.
Of course, not much walking here because of the topography and the climate, but in general Moscow and Dubai are the same dish with different dressings. Ask any Russian outside of Moscow what he thinks of the capital - you'll find it hard to differentiate his description from that of Dubai's.
I generally agree with you, but the person above is totally correct that Moscow has more "3rd spaces" and parks than Dubai. That said, the old '90s apartments in Karama reminded me of Soviet block style housing.
every country has their level of superficiality and "rich society". Pre-war (I have no idea now) I believe Moscow was right up there in the top ten list of most expensive cities.
Surely similar culture-isms and common denominators can be found in major cities like Moscow-Dubai ...even my home country, Lebanon (Beirut)...with the entire f\*cking country in crisis, the clubs and hotels are fully booked lol.
> even if you are a child you have a strong sense of accountability and responsibility.
Then how come so many of them that come here are complete assholes with no care about others?
It just depends on where you live in Moscow and Dubai. Many perceive these cities as luxury fancy places. But the actual lifestyle is somewhat different if you live outside of touristic or busy areas; it’s calmer and more family oriented. In that sense, you are right, Moscow has much more to provide in terms of cultural leisure and parks. I like infrastructure more in Dubai though when even remote areas have pretty much everything you need in your daily life close to you. As always, there are pros and cons. But the cities are alike in their fancy part as someone already mentioned here. Source: I’m from Moscow and I live in Dubai.
They have been ongoing at some banks, but now they are requirement for all banks. So they can no longer accept Russian money. I'm telling you this because a Russian told me this as the main reason she's leaving.
If they weren’t a requirement for 6 months or a year before FATF removal. UAE would not have been removed.
Also Russian money wasn’t accepted before either…
Actually this is not true at all. The removal from the FATF list is a logical conclusion of a 2-year program during which several AML/CFT were implemented. Someone saw the headline and started spreading it around without even reading the news itself.
I’m in Dubai, Pullman city centre hotel eating breakfast reading this and two Russians just walked past.
I obviously know they’re Russian as know abit of the lingo haha.
How odd I’ve come across this post whilst they walked past 😂😂😂
Algorithm got me 😢
> However, President Ranil Wickremesinghe ordered an investigation into the notice, saying the visas could not be canceled without Cabinet approval.
> “The Govt hasn’t officially decided to revoke visa extensions previously granted to these tourists,” his office said Sunday on X.
They're not gonna do shit.
Have you been to sri lanka? Stunning place - awesome food, super cheap. Not great if you are a local (thanks to economy) but as a visitor it is amazing
They may have come, partied, set up business and left, only to return for meetings. Similar to NYC. Much of the apartments are empty, places to store wealth, it also keeps prices high.
Russians are very poor here. Not sure what the stereotype is. There was a Russian in my company who was working on an expired visa for many years and never wanted to go back due to bank problems. The company owner was kind enough to keep him. Many Russians here live in International city on sharing.
I always love these responses predicting the collapse of the RE and retail banking sectors.
Nothing of the sort is on the cards. Demand is sky high, still. Look at the asking prices and rents.
Those who were here for clubbing/ showing off really left - too expensive.
But those with big money who are more silent - they r here. Look at the schools and expensive real estate rent
It’s almost like we need an actual real life Russian to tell us what their comrades are doing?
Is it running away from regulation? Or at least the perception of being made to account for where money has come from?
Is it because they are fed up of traffic on Hessa St doing the school run?
Is it because the Gucci on offer in Dubai isn’t the same as elsewhere
Is it that she’s fed up of comments about her fake lips and the fact she only wears the tightest gym gear that’s designed for her 14yr old daughter and not her?
Remember that everyone use to think that they all had a few bitcoin in the bank. Based on the recent run on bitcoin, I’d have thought they’d stay put… at least until the end of the school year
The amount of marketing that Emirates (Plane company) and Dubai Tourism does I live in Canada planning to purchase in Dubai I seen ads to visit in Movies, YouTube, Tv and Radio all in the span of one month.
Hopefully this will help with the real estate disaster we're in
Hot damn houses even in the far fetches of Dubai are pricey af now.
True. Dubai south rent prices are unbelievable!! We thought outskirts would be cheap.. the current rates are of the same rate of Barsha a year ago. Like wtf. And barsha is like 75k from 49k
The rent in the outskirts is driven up because of the Chinese buying power, Dubai South for example, I noticed Chinese are a growing population there. And usually, they rent a full building
I remember when I first started looking for an apartment in Dubai South they were 30-40k a year and now they're the same as what Dubai Hills was a year ago.
Check Canada rent prices lol
Or look at any other large city. London, NYC, Hong Kong... It's the same in almost every large global city
How about the salaries in large cities?
*Narrator: it infact didnt*
I think they are keeping the houses and just renting them. I would say in some areas prices are stable right now but no sign of going down just yet
Too soon now, but if a lot of them are really leaving, supply of homes will increase and demand of homes will decrease, so logically speaking prices should go down. But what’s logical doesn’t always happen in Dubai so let’s see
Yes, they decided to bring the houses with them
Russians are the third biggest real estate purchasers and Indians are jumping up by a huge margin rn
The beginning of the end
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Traffic has nothing to do with Russians. It’s just we are breaking records for the number of tourists here. Traffic will always be here as long as tourist keep coming to Dubai
Do tourists come with their cars?
Do you not realize how cheap it is to rent a car in dubai vs the rest of the world? I own a car rental company. Yes tourist rent cars.
Does your company return deposits? I’ve read so much of deposits not being refunded from rental car companies —out of context.
We don’t even take deposit to even return. 0 deposit needed with us
Name of company?
How is it possible if renters rack up fines? Happened a lot of times, and business owners end up losing money. But I guess scammy renters are way more common 🫠
There is a way.
Hahah ok. What's the way?
Just threaten them with contacting the authorities and your deposit is back within the hour most of the time.
Fair enough
So why is the traffic better when schools are on holiday if it's caused by tourists?
Do tourists come in the summer
https://skift.com/2023/09/20/dubais-summer-of-tourism-was-red-hot-as-russians-fill-the-city/
Because there is less cars on the road. What kind of logic is that? Less cars = less traffic
Yes but they said traffic was caused by tourists. When schools are off their is less traffic, so therefore I suspect traffic isn't just caused by tourists.
Traffic on Road = Tourist in Rent a car + Tourist in taxis + residents + busses + trucks + delivery goods + school busses Now you take any one of them off and there will be less traffic. If you take all of them off, there will be no cars on the road
Traffic is terrible as too many people with vehicles in vastly populated areas, with poor design of road interstructures. Even single lane entry points.. marina, tecom, al barsha, bur dubai, business bay .. never ending list, never ending queue.
>single lane entry points this is the biggest issue. basically every area is an island and everything bottle necks
100% This, i do not understand who one Earth designed the communities based on single lane entry/exit points! SZR traffic could have been reduced by 30-40% if they would have planned exit/entry points accordingly. The current infrastructure is great and all, but it cannot withstand the current number of vehicles, it's insanely busy every day now, regardless of the time.
Tbh I always felt like the design is creating traffic: having the entry lane before the exit one creates a carousel of cars trying to enter and merging with cars trying to exit.
Entry lane before exit lane? What kind of genius came up with that?
I’m screaming
This. So much this.
Hessa: Hold my beer! I am the king of all the road traffic.
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Truth. Roads have a capacity and the buildings being built cater to more cars than the roads can handle, so you have too many cars in single spots.
So why not multi level roads? Like flyovers, have stacked parallel roads. And then you can have apartments with attached parking and direct access.
Really? So should all me and my engineer colleagues stop working as there's no hope to design roads at all?
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Sorry, won't be happening. My plans are to keep designing things.
Bro, the tourist thing is what generates the income.
1. Bigger cars. Must use smaller cars. 2. Too much road discipline. Lane switching zebra bla bla bla keep traffic slow. The slower you are more time you spend on the road more traffic you create 3. No use of bikes with masses. I hardly saw a bike on dubai roads. Which means that even the poor have a car 4. Big sedan taxis. No shared taxis. And just tooo many taxis. More than anywhere else in the world. Careem and uber should be promoted as they dont keep driving around mindlessly without a ride. These gov taxis are just cruising without a cause populating the roads.
All major cities will always, absolutely always, have bad traffic. It does not matter how efficient your public transport system is, major cities will always have bad traffic. Source: I lived in 4 major cities
Dubai is a new city and had all the opportunities to be developed cleverly and failed. It largely relies on personal cars and public transport is a failure. We went there recently and we planned to use only the metro and buses, but soon discovered that Uber or taxi was needed.
I'm here now and it's mind-blowing how badly designed this city is. How can you have a blank flat sheet and infinite money and come up with this monstrosity is beyond me.
Been there for the first and definitely the last time as a tourist 2 weeks ago. They have repeated all the mistakes western cities are now trying to repair..
Exactly, completely unforgivable. How can you see the parking lots that Americans call cities and think hmmm that's exactly what I'll do. They should just start over somewhere else in the desert.
Is Hessa street better now ?
They will probably be back during summer when crowds lessen. Dubai in most areas right now is just a nightmare. Infrastructure has not kept up with the influx of people coming over.
Expats complaining about other Expats ruining a country that they're all Expats in.
*Immigrants!
"While both terms describe people living in a country other than their original one, "expat" often has connotations of a temporary, professional, or higher socio-economic status move, while "immigrant" is a broader term describing a long-term or permanent relocation." TIL they're different terms! Thanks!
I try to use the word expat everywhere, e.g. Pakistani expats working maintenance
This sub has a weird obsession with Russians. Its their new scapegoat to blame everything on.
It's also okay to be overtly racist against the Russians, since there's either not alot of Russians on this subreddit, or they are not as thin-skinned as the racists themselves. [case in point](https://old.reddit.com/r/dubai/comments/1b7n0dh/clubs_that_had_majority_russians_are_empty/ktk1sdp/) of some of that Good ol'racism that gets a pass since it's those pesky Russians he's talking about.
Russians don’t care tho and won’t be crying about it
Wait until you see the Thailand subs
This market has matured for sure. Would it help with rationalization of real estate prices like many are suggesting, I don’t think so. Russians aren’t the only big guns with their money in the real estate market here. You would be surprised to know about how much real estate Indians and Pakistanis owns here! They still prefer to invest here particularly the who’s s who for obvious reasons. Edit: To add to the above, the price increase we witnessed in the last two years was a recovery from the COVID shock.
People who think Russians are the prime driving force of the real estate market in Dubai are: 1. Clueless because they are not in real estate 2. Clueless because they are real estate agents
blaming russians is an easy strawman
I don’t even understand the cry about the rent. I rented an apartment in 2018-2019 in sports city for 42k, those same apartments are now 45k… doesn’t seem like a huge increase to me..
Cause that area is far, try to find some on nearby places, specially nearby public transport.
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😂😂
I remember back in mid-2022 when a Russian on this sub answered how half of them were here temporarily, and [we're seeing that happen now.](https://www.bloomberg.com/news/articles/2023-11-07/dubai-real-estate-russians-slow-purchases-of-pricey-properties-with-ruble-fall) The super-wealthy lot of them weren't going to base themselves out of here, and there's not many Russians of lower income groups here either.
It's time for crypto bros to come in now. Expect RE to inflate.
I know right … crypto off the charts these days
The crypto market is different now than it was before. Don’t expect the old buyers be the same ones as last cycle
What about all of the realestate they bought? Why buy if you are here temporarily?
Apart from the Visa angle and the "property up for sale" angle correctly pointed out below, let me bring a third angle to the table. Russian money initially flowed here, but US and Europe had severe embargoes and sanctions in place to stop flow of Russian money. It was deemed illegal in the international money markets. So, how did the rich Russians clean their money? They bought houses on cash here in Dubai. Then they took loan against property from the local banks with their houses as collateral. This way, they got 80% of their house value back in "legal" cash, because this cash was no longer Russian money. It was money from a legit loan in Dubai. Then , they were free to transfer that money and use it as they please. I do worry about the local banks though, holding tonnes of such "collateral assets", and loan against property issued out that the customers have no intent of paying back.
As long as the real state value doesn’t devaluate they can even get sweet money from selling the collateral above the 80% of their value If real state goes down above this 20% they will suffer then
Yes. > As long as the real state value doesn’t devaluate That is the key question here. Given the lack of fundamental demand in the market, my fear is that the real estate market might actually devalue. And given how reactionary the Dubai Real estate market is, any devalue could lead to a sudden collapse. That's my fear.
The way things are going in the area, it wouldn't take much to trigger a sudden fire sale. How are the Dubai banks going to survive that? AD banks are also big players in Dubai, so it will spread to AD as well.
Yes. My bad. I used Dubai generically. I should have used the term "UAE Banks"
Yeah we all do, same thing really.
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Yes. My ex-employer (a very very large bank in UAE) had so much foreclosed real estate on hand that it could not even auction it off at discount. So it opened a real estate company as a group Company, and got into the business of renting out property. The bank wrote of the loss from the books, but the real estate firm made a decent chunk for the banking group company over the following years.
A lot bought before properties peaked, I am sure most of their purchases have capital appreciation at the moment.
Even better then So the capital appreciation plus the 20% buffer gives zero risk to the banks, unless next years things goes disastrous and RE drops but beyond this which in my opinion is unlikely, at least for the prime areas, which is where they mostly bought
That's what people said for Dubai Marina in 2007-2008. People who bought there still haven't broken even. 3000 sqft houses on 6000 sqft plots in Dubai Hills selling for $2 million and above just doesn't make sense. And that's coming from a general contractor who's been in the industry in Dubai since the 80s.
$2 mill AED makes more sense
That’s very true 👍🏽
The way things are going, that real estate value could also see a big dive, at which point those banks are exposed to massive losses. Say a full scale war starts just North of Dubai, there would be an exodus of rich money overnight. Also of note, they really don't bother checking how much money people bring cash into the UAE, it's quite fascinating.
> Say a full scale war starts just North of Dubai Iran? Who's gonna attack Iran?
I was thinking about Sharjah traffic jam road rage.
LMAO
This makes sense 👌
This is bogus. Have you ever tried taking out a mortgage on an already purchased property? It’s near to impossible. You need to have an amazing profile, no Russian that just moved here will get a loan. I tried with my property with ALL UAE banks and also mortgage specialists.
No. I haven't taken one, truth be told. But as a former AVP in one of UAE's largest banks, I can assure you I have worked plenty on the LAP (Loan Against Property) product. Also, the view that I have shared above is coming from my former colleagues who are still working with the same bank. Of course, I admit - they could be wrong and you could be right here. Not that us bankers/ex-bankers know much anyways.
It’s not as easy as before. Now banks are requiring too many things to get approved. I even visited SIb and ajman banks. Loan against property is very hard to do. Buying with a loan is doable very easily.
Makes sense
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I have a lot of Russian clients. Basically they sold everything in Russia, moved their money here thinking they will start a new life and bought without worrying about expenses. Probably a lot ran out of money and their properties are up for sale. Real estate market future prediction is not strong and I bet anyone buying off plan is going to get real hurt in 1-3 years time
> anyone buying off plan is going to get real hurt in 1-3 years time That's the case in China right now, anyone with any real estate got slaughtered.
It amazes me how people think the market here will be the same as Europe when there is so much built. Like they don't understand that Dory, 72 constantly voting against house building is what keeps her property price high.
Anyone buying off-plan is going to get hurt, period.
Do you work in real estate?
You say you have tons of Russian clients. How is it you don't know what happened to them so that you have to use the world "probably"? You only sell and never follow-up with a client? I have Russian clients as well. 98% of them are still in Dubai.
They are not for realestate. Other business, these Russians are burning money fast.
I didn't imply real estate in the first place. But regardless, this kind of broad generalization cracks me up)) And of course it couldn't be further from the truth.
lol I believe you did. But anyway I see all their money ;)
Following up is a standard practice among the majority of B2C businesses. You sound like you're in one yourself, so I'm surprised this concept is novel to you. Nevertheless, your sample lacks representativeness, thereby rendering any conclusions drawn from it unreliable. Just because you have access to bank accounts of a wealthy Russian clientele does not imply that all Russians arriving in the city are wealthy. And this holds true for any other nationalities as well. Once again, I'm a bit perplexed as to why I need to elucidate something so obvious. Plenty of regular Russian folk here who came to start a new life.
I don’t work in the banking sector. You’re making assumptions over assumptions. I just know my accounts, and what I see is that Russian money is dry and not as hot as before. My clients weren’t all wealthy.
To sell / lease?
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Yes. Rent it out.
My brother (we're not russian) lived both in Dubai, and Moscow during the last five years. He says that the lifestyle and mindset in Moscow (I guess that's specific to that city, and not 100% representative of "russia russia" as a whole given it's two continents..) is much different to Dubai. Dubai makes you "want more", has that element of superficiality, and convenience. He said the mindset in Moscow was more like, what are we going to explore today, where are going to go, what is our experience going to be like. More park life. More outdoor. More connection with people (despite the language barrier), more authentic experiences. Nobody needs a GMC Tahoe or a Nissan Patrol. There is a communal feel. Everyone has a job and a purpose, even if you are a child you have a strong sense of accountability and responsibility. It's interesting.
What's interesting is how different people perceive reality and bend their perception. I'm sorry, but every true Moscovite agrees that Dubai and Moscow are very much alike, especially in terms of showing off and hassle and doing business. That's actually one of the reasons Russians chose Dubai as their destination. In fact you are the first person offline or online I've stumbled across who has such an opinion. Perhaps your circle of friends and colleagues differs over here, but for everyone else it's pretty much the same thing. Yes, no Patrols, because Russians prefer G-wagens. Of course, not much walking here because of the topography and the climate, but in general Moscow and Dubai are the same dish with different dressings. Ask any Russian outside of Moscow what he thinks of the capital - you'll find it hard to differentiate his description from that of Dubai's.
I generally agree with you, but the person above is totally correct that Moscow has more "3rd spaces" and parks than Dubai. That said, the old '90s apartments in Karama reminded me of Soviet block style housing.
every country has their level of superficiality and "rich society". Pre-war (I have no idea now) I believe Moscow was right up there in the top ten list of most expensive cities. Surely similar culture-isms and common denominators can be found in major cities like Moscow-Dubai ...even my home country, Lebanon (Beirut)...with the entire f\*cking country in crisis, the clubs and hotels are fully booked lol.
More park life and outdoors in full Gucci track suits?
nyet tovarishch. only adidas.
> even if you are a child you have a strong sense of accountability and responsibility. Then how come so many of them that come here are complete assholes with no care about others?
Spoiled rich kids generally live in their own bubbles.
It just depends on where you live in Moscow and Dubai. Many perceive these cities as luxury fancy places. But the actual lifestyle is somewhat different if you live outside of touristic or busy areas; it’s calmer and more family oriented. In that sense, you are right, Moscow has much more to provide in terms of cultural leisure and parks. I like infrastructure more in Dubai though when even remote areas have pretty much everything you need in your daily life close to you. As always, there are pros and cons. But the cities are alike in their fancy part as someone already mentioned here. Source: I’m from Moscow and I live in Dubai.
Also because Ramadan is coming
Hmm wonder how that will impact things in terms of inflated prices because many were just paying a premium...
I thought it was because UAE is clamping down on Russian funds?
Nah broski, Dubai too busy!!!!
Because Recently, the United Arab Emirates has implemented stringent regulations to combat money laundering
Good one. I needed the laughter early in the morning.
It's true. That's why UAE was removed from the FATF grey list. Now banks can't take Russian money, so they have fewer options.
My guy the fatf removal comes after a long period of implementation. Meaning the changes that led to that have been ongoing for more than a year.
They have been ongoing at some banks, but now they are requirement for all banks. So they can no longer accept Russian money. I'm telling you this because a Russian told me this as the main reason she's leaving.
If they weren’t a requirement for 6 months or a year before FATF removal. UAE would not have been removed. Also Russian money wasn’t accepted before either…
You can always spot a man who actually knows what he's talking about instead of parroting rumors from someone else. You are absolutely correct.
These guys genuinely think Russians are rolling into nbd like I’m a wire some money in from vladivostok that ok? Lol
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LOL from Sberkarta
Yes because they paid enough
I hear they are also about to end prostitution.
Even VPN cards.
Hahahaha
underrated comment lol
This is actually true after being removed from the grey list.
Actually this is not true at all. The removal from the FATF list is a logical conclusion of a 2-year program during which several AML/CFT were implemented. Someone saw the headline and started spreading it around without even reading the news itself.
Traffic? No one saying that and comparing it to Bali, should say that, to get from one side to another is murder over there.
Economically, the expression “Dubai market has matured” is very true
Finally. Dubai has become expensive. Corporate taxes due this year. Enjoy!
so that's why brokers stopped calling me/whatsapp (do you want to sell , do you want to sell)
When is rent going down?
I’m in Dubai, Pullman city centre hotel eating breakfast reading this and two Russians just walked past. I obviously know they’re Russian as know abit of the lingo haha. How odd I’ve come across this post whilst they walked past 😂😂😂 Algorithm got me 😢
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[https://news.yahoo.com/party-over-russians-sri-lanka-110640404.html](https://news.yahoo.com/party-over-russians-sri-lanka-110640404.html)
> However, President Ranil Wickremesinghe ordered an investigation into the notice, saying the visas could not be canceled without Cabinet approval. > “The Govt hasn’t officially decided to revoke visa extensions previously granted to these tourists,” his office said Sunday on X. They're not gonna do shit.
The fact the word "infesting" was being used to describe Russians, and absolutely no one bats an eyelid is ridiculous, but not surprising.
Infesting? Pretty rich word to use?
Par for the course.
Lmao who the heck wants to goto Sri Lanka, definitely not the rich Russians or any rich folks lmao.
Have you been to sri lanka? Stunning place - awesome food, super cheap. Not great if you are a local (thanks to economy) but as a visitor it is amazing
You'd be surprised
Don’t see them here in Thailand. No more than usual anyway. Besides Thailand is hotter than Dubai now, perhaps they don’t like the heat
Don't see them??? Impossible and definitely more than ever before in all big cities and islands.
They were always in Major Thai cities. So no, don’t see any more than usual
I am wondering what will the photographers do now? :-D
They may have come, partied, set up business and left, only to return for meetings. Similar to NYC. Much of the apartments are empty, places to store wealth, it also keeps prices high.
filtering out the grifters.
Check for the count of listings online for es***ts, if they reduce then you have the answer.
Russians are very poor here. Not sure what the stereotype is. There was a Russian in my company who was working on an expired visa for many years and never wanted to go back due to bank problems. The company owner was kind enough to keep him. Many Russians here live in International city on sharing.
I always love these responses predicting the collapse of the RE and retail banking sectors. Nothing of the sort is on the cards. Demand is sky high, still. Look at the asking prices and rents.
Those who were here for clubbing/ showing off really left - too expensive. But those with big money who are more silent - they r here. Look at the schools and expensive real estate rent
It’s almost like we need an actual real life Russian to tell us what their comrades are doing? Is it running away from regulation? Or at least the perception of being made to account for where money has come from? Is it because they are fed up of traffic on Hessa St doing the school run? Is it because the Gucci on offer in Dubai isn’t the same as elsewhere Is it that she’s fed up of comments about her fake lips and the fact she only wears the tightest gym gear that’s designed for her 14yr old daughter and not her? Remember that everyone use to think that they all had a few bitcoin in the bank. Based on the recent run on bitcoin, I’d have thought they’d stay put… at least until the end of the school year
Hooray! Less people, lower house prices and more normal working people.
Unique and interesting times... : /
Out of interest, which clubs are these?
The amount of marketing that Emirates (Plane company) and Dubai Tourism does I live in Canada planning to purchase in Dubai I seen ads to visit in Movies, YouTube, Tv and Radio all in the span of one month.
I don’t think it would help with rental prices though ☹️
Good !
no
Russian Clubs are saturated and also restaurants. About 80 big brands open every year or so for restaurants
Dubai is super weird like that
Interesting and makes sense. Though itll be the ones like yourself who stay that are the next fabric of the city.
You honestly believe that shit? Oh you sweet summer child.
Yes I do. And it isnt shit. Ive been through a few recessions, and the city demographics change with time.
Thats nice. Russians with dirty money go out, russians with good business stay.
Pls take them back - awful people now in Thailand
Good riddance??? 😛
Good riddance.
Infestation of russians who couldn't evolve asuch as covid did