“Changing Spain to Dubai!” Russian emigrants explore new territories

As you know, the European Union, within the framework of the sixth package of sanctions, plans to ban Russian citizens from buying real estate in the EU. The restriction will affect individuals and legal entities. At the same time, the sanctions will not affect Russians with citizenship or a residence permit in the EU countries or in Switzerland. This news caused a mixed reaction in the Russian media and social networks.

Kommersant political observer Dmitry Drize believes that if this document is indeed adopted, an entire era will end:

“...And not only Russian quarters in Nice, Courchevel and Marbella, but also budget apartments in the Czech Republic, Slovakia and Greece - all this will not happen again. At least for a while. Probably, what is already there will remain, although it is not clear how events will turn further. But there will probably be no new deals in the form that was in the fat years. All this is sensitive, not only big officials suffer, but also ordinary citizens. But there is another reason to leave money in Russia - to invest, say, in import substitution”.

Blogger Slava Rovner is perplexed by this decision of European officials:

“I understand something less and less logic. If those who are against leave Russia. If they call to leave Russia, so as not to support.

Then why the ban on real estate transactions in Europe? What is its sanctions meaning? To not leave? To not stay and then come back? To whom do ata-ta? Or is it enough to poke your head in the sand? Say it straight: we are canceling the Russians. And the Russians will say something in response. I would listen to this dialogue".

Economist Yevgeny Kogan considers these measures meaningless, primarily for Europe itself:

Who are these measures aimed at? Against those who left Russia after February 24 and have not yet become EU resident/s, as well as against Russian pensioners who buy small apartments in Bulgaria, Spain and Croatia as summer cottages.

First of all, most likely, the real estate market of poor European countries, which received good support due to the categories listed above, will suffer.

Is this the target audience of European bureaucrats? I don't think so. But ... Nobody canceled negative selection, and they have...

As for the cruelty of these sanctions, I believe that those who wanted a long time ago received a residence permit of the country they need. Or in time they will. But pensioners will now be under sanctions.

In my opinion, these measures, to put it mildly, are devoid of any sense. In contrast to the same US initiative to attract educated Russian IT specialists, the Americans cannot be denied logic here.

I just want to express myself in the winged words of our Minister of Foreign Affairs... They are very out of place here!

And it's true, because America, in connection with the massive outflow of Russians who disagree with the Kremlin's policy, is preparing a new simplification of the visa regime for representatives of popular professions.

Well, the United Arab Emirates became another alternative to Europe. For example, entire Russian quarters are already appearing in Dubai.

As the economist Vladislav Inozemtsev writes in his column, “There is an opinion that the war brings losses to everyone, but this is not entirely true. There are also beneficiaries. The main ones today are the United Arab Emirates. Arrests of Russian property and assets (and so far only in the EU, the UK and Switzerland) have not frightened global business, but have greatly worried both the Russians themselves living abroad and the owners of not always honestly earned large fortunes. As a result, the demand for real estate in the UAE has increased to record levels, the number of transactions at the beginning of this year increased by 75% compared to the same period in 2021, and their total value increased by 2.45 times.The new trend was the sale of property in London with the simultaneous purchase in Dubai or Sharjah. Dubai, Abu Dhabi, as well as Qatar, along with Istanbul, have turned out to be the most important transit points connecting Russia with Europe.The demonstrative unwillingness of the countries of the Arab Peninsula and Turkey to join anti-Russian sanctions sent a powerful signal not only to Russians (today they own more than 150 thousand apartments and houses, but also to citizens of other "unfavorable" countries.A point has appeared on the world map that can can play a special role in the global economy…”