The Hype is Moving West-ward

A few years ago, it was not uncommon to see ads for Dubai real estate in the US, specifically the DC and New York newspapers (those being the two US cities in which I spend the most time). There were even quasi-fraudulent "get rich investing in Dubai real estate" weekend seminars held in hotel ballrooms. Now that the market has stabilized (and may even go down a bit as more buildings are finally completed and go online, the marketing fury has moved on. I initially assumed it had just died down a bit to more rational levels, but my recent extended stay in Moscow suggests otherwise. There, ads for Dubai real estate about, with even flashing neon billboards and banners hanging from high rises touting apartments (sometime it is villas, but mostly apartments) here in DXB.

The advertising has even gone a step further. I am currently considering purchasing an apartment in Moscow (I would have done so already, but spending 1,300,000 Euros for a one bedroom, even a nice one, seems a bit much, and there isn't a lot of real estate that isn't either over budget or poor quality, which means I'm still looking), and I am starting to get annoyed by the number of listings, officially in Moscow, that are really for units in Dubai. I guess the idea is that anyone with money to buy real estate in Moscow could be tempted to spend instead in Dubai. The tactic must work, as these listings are everywhere, enough so that real Moscow sellers stopped using them and I've basically given up on independent listings and am sticking to Moscow real estate agencies and their own vetted listings. It's a real pain though - Moscow agencies don't usually cross list, which means that I have to work with several agencies to see a good range of places.