Russians have invaded Northern Cyprus; property prices have risen.

With the military action in Ukraine, Russian oligarchs have come under heavy sanctions from the West, and now they have turned their attention to Northern Cyprus, which is not bound by international agreements.

The island's construction industry is booming. Thanks to the ruble and the Iranian rial, which have led to an increase in cash flow and about 80% of bank assets in the form of foreign currency reserves, the region's real estate sector has seen an increase in construction. Official statistics show that more than 39,000 Russians have settled in northern Japan this year alone.

Rumors circulating in The Guardian suggest that southern Greek lawyers are helping their northern Turkish counterparts to arrange Russian portfolios' 'customers. According to information published by the 10Haber portal, Şener Elcil, who is chairman of the Turkish Cypriot Teachers' Society (KTÖS), said: "We hear about Russians coming with money from the southern part of the island. This new trend encouraging all these people to move here is causing a lot of problems.

Economist Mertkan Hamit said, "The commercial network catering to Russians in southern Cyprus has become a new network for Cypriot Turkish lawyers buying real estate. This network is completely anonymous and it is the perfect way to hide your assets, no one asks questions, and the beauty of it is'' 'that this is the way to launder money. Their real goal is not to stay in Cyprus, but to sell their property, launder the money and go to London, Dubai, Manhattan".