DUBAI: Dubai recorded real estate transactions worth more than $143 billion in 2022, the official Dubai Media Office said Monday, calling it a “milestone” for the United Arab Emirate’s main business hub.

The property boom comes amid an influx of Russians who have purchased properties in some of Dubai’s most popular areas, after Moscow faced a tightening of Western sanctions following its invasion of Ukraine.

“Dubai’s annual real estate transactions have crossed the milestone of half a trillion dirhams for the first time,” the Dubai Media Office said in a statement.

“The sector witnessed transactions worth a record 528 billion dirhams in 2022, a 76.5 percent increase from 2021.”—AFP