Property sales to customers from Russia and the 11 other Commonwealth of Independent States (CIS) countries doubled in H1 2022 compared to the same period last year, according to Dubai-based property consultants Mira Estate.

Mira Estate achieved more than AED 2 billion in property sales to CIS customers so far in 2022. The company’s sales figure for the same period last year amounted to AED 1 billion.

Tamara Getigezheva, CEO & Partner, Mira Estate, said: “The war in Ukraine and the impact of sanctions on Russian-speaking individuals and their establishments have led wealthy CIS investors to flee their countries and find a haven in Dubai. CIS billionaires and entrepreneurs have been flocking to the UAE in record numbers, leading to a surge in demand for real estate. Most homebuyers are looking for ready units and waterfront properties.”

In a statement earlier, Mira Estate revealed that the CIS customer base now represents more than 20% of potential homebuyers in Dubai with the average ticket size ranging from AED 2.5 million for individuals and AED 25 million for high-net-worth individuals (HNWIs). The share of real estate investments in Dubai by Russian and CIS individuals is 10% to date this year.

Mira Estate is an award-winning residential property consultancy based in Dubai. Led by young female entrepreneur Tamara Getigezheva, the company rapidly expanded into hospitality and property management through Mira Holiday Homes and Mira Hotels.

Within a year of inception, Mira Estate was awarded Top Real Estate Agent by Emaar, among several other awards from leading developers such as Nakheel and SOBHA. Two years following its establishment, Mira Estate grew to become one of the largest real estate brokerage firms in Dubai.