The sanctions imposed after Russia’s invasion of Ukraine also put ordinary Russians in a difficult position.
Russia, which took various measures for the survival of the banking system in the face of sanctions, imposed many restrictions on foreign exchange and money withdrawals.
The Russians, who wanted to get rid of the sanctions and restrictions of both the West and Russia and to secure their assets, started to buy real estate by taking their assets abroad.
At this point, at the point of removing assets from Russia cryptocurrency We have mentioned in another news that the units are used intensively.
They Focused on Istanbul and Dubai
According to Reuters, the Russians crypto assets It continues to purchase real estate with the assets they have taken out of the country.
At this point, Istanbul and Dubai are the apple of the eye of the Russians.
Gül Gül, co-founder of Golden Sign real estate company in Istanbul, told Reuters:
We sell seven to eight flats to the Russians every day. They take cash, open a bank account in Turkey or bring gold.
These are rich Russians, but not oligarchs. They find ways to bring their money to Turkey.
Speaking to Reuters, Istanbul real estate agents Caldaş and Alex Cihanogu said that the sanctions complicate financial transfers and that some Russians are using cash converted from cryptocurrencies for real estate purchases.
“I would say most of the transactions we see are in crypto. Crypto is the channel used in the challenges they face, especially for this market right now.”
*Not Investment Advice.