Russian real estate magnates, until recently among the top buyers of luxury property in the United Arab Emirates (UAE), have retreated from the region as the combination of the severely weakened ruble, the fall in oil prices and Western sanctions have taken their toll on Russian buying power.
The battered ruble has lost over 40 percent of its value against the dollar since the Russian annexation of Ukraine's Crimea almost a year ago. The move, which triggered rounds of U.S. and European sanctions, has hit Russia's economy and, in the process, stopped big Russian property investors from snapping up another residences in the Gulf region, according to real estate advisors operating in the UAE.
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