Russian oligarchs drive up real estate prices: the real goal is to stay in Cyprus.

In the wake of the war launched against Ukraine, Russia has come under severe sanctions from Western countries. While Russians who fled the country have favored Turkey, Russian oligarchs have turned their attention to Northern Cyprus, which is not subject to international agreements.

The Russians are leaving Turkey! The Russian press explained the reasons.

The region has seen a boom in construction on the island, fueled by the ruble and the Iranian rial, leading to increased cash flow and the fact that roughly 80 percent of bank assets are foreign currency reserves.

Official figures show that more than 39,000 Russians have settled in the north this year alone. According to rumors circulated in The Guardian newspaper, lawyers from the south' 'parts of the island are helping their Turkish counterparts to intercept the clientele of Russians.

According to Haber10, Şener Elgil, head of KTÖS, the Cypro-Turkish teachers' union, said, "We hear about Russians who come with full luggage of money from the southern part of the country. This new trend that encourages the arrival of all these people is causing many problems.

Economist Mertkan Hamit said, "The commercial network that Greek Cypriots provided to Russians in the south has become a new network in which Turkish Cypriot lawyers buy real estate assets. These assets are completely anonymous and are a great way to hide their existence,' 'no question, this is the beauty of money laundering. Their real goal is to stay in Cyprus, sell their assets, clear the money and go to London, Dubai, Manhattan'.