Dubai Land Department in tie-up to aid Russian investors

Russian investors in Dubai real estate are being promised access to information about the transaction process in their own language, under a deal between the Dubai Land Department (DLD) and Russian consultancy RusBiz.

The DLD said on Monday it had entered into a services agreement with real estate consultancy RusBiz in response to rising demand among Russians for Dubai real estate.

According to DLD’s database, around 6,000 investors from 12 Russian-speaking nationalities have invested a total of AED14 billion in Dubai property in the last three years. Investors were from Russia, Kazakhstan, Azerbaijan, Uzbekistan, Ukraine, Turkmenistan, Tajikistan, Belarus, Armenia, Kyrgyzstan and Moldova, the DLD said.

Under the new partnership agreement, RusBiz will help the DLD with customer service provision, responding specifically to enquiries from Russian speakers, and other services throughout the sales enquiry and transaction process.

It will also oversee translation of the DLD’s legal documents from Arabic or English to Russian.

Majida Ali Rashid, head of the Real Estate Investment Management and Promotion Center, the investment arm of DLD, said: “We are seeking to take advantage of all possible opportunities to promote the real estate market for investors from all over the world, in addition to providing better services to them in their own language.

“In light of the growing demand for Dubai’s real estate market by citizens of Russian-speaking countries, "Russ biz" emerged as the ideal partner to provide information services and support to promote investment activities.”

RusBiz General Manager Dmitry Krasnogor added: “Our preliminary market study has driven us to the conclusion that Dubai’s real estate market has been extremely attractive to these targeted investors of the former Soviet Union origins and will deploy every effort to provide them with the best services.”