Dubai Unlocked is an investigation based on leaked data of properties in Dubai. Nearly 7,000 Iranian nationals are listed as owners of at least 9,400 residential properties in the 2022 data leak. Academics who have studied this data, along with additional sources, expect the actual number of Iranian owners of these residential properties to be more than 9,000. They further told Norwegian outlet E24 that the apartments and villas in question are estimated to be worth more than $7 billion at the start of 2022.
Iranians who have purchased homes in Dubai in the last few years come from a range of different backgrounds. From the super-rich and famous to fraudsters, defendants and convicts of famous corruption cases, economic criminals, wanted fugitives, embezzlers, defaulters, bribe givers and bribe takers, money launderers, relatives of officials, and aristocrats to relatives of high-ranking members of the regime and the Revolutionary Guards – all these people have at least one thing in common: they own property, from small offices to luxury villas, in that small city across the Persian Gulf, Dubai.
In a recent survey on Zamaneh Media’s Opinion Panel, we asked panelists about their views on the subject of buying properties in Dubai as well as their thoughts on Iranians who have purchased homes in Dubai.
Dubai Unlocked is based on leaked data providing a detailed overview of hundreds of thousands of properties in Dubai and information about their ownership or usage, largely between 2020 and 2022. The data was obtained by the Center for Advanced Defense Studies (C4ADS), a non-profit organization based in Washington, D.C., that researches international crime and conflict. It was then shared with Norwegian financial outlet E24 and the Organized Crime and Corruption Reporting Project (OCCRP), which coordinated an investigative project with dozens of media outlets from around the world.
According to the survey results, 63% of respondents believe that Iranians are buying properties in Dubai for the purpose of tax evasion and hiding their assets.
More than half of the respondents think that most Iranians who bought property in Dubai are “rich cronies of the regime.” In the opinion of 55%, Iran’s legal system should impose restrictions such as imposing taxes on property owners in other countries. 45% are against the tax limit for foreign properties.
Zamaneh conducted the “Iranians and Their Properties in Dubai” survey from June 4th to June 11th, gathering data from 212 participants, including members of Zamaneh’s survey panel and audience.
The sample demographics include 64% of respondents living inside Iran and 36% living outside Iran. Among the respondents, 81% identified as male, 17% as female, and 2% as another gender.
Why are Iranians interested in buying property in Dubai?
63% of respondents believe that Iranians’ desire to buy property in Dubai is primarily driven by legal and judicial reasons, with the main motives being to “avoid the arms of the law, evade taxes, or hide assets.”
19% however, think that the desire of Iranians to buy property in Dubai “mostly has social and cultural reasons and is due to the difference in the level of social and cultural freedoms.”
More than half of the survey respondents think that most Iranians who bought property in Dubai are “rich cronies of the regime” who financially benefit from their relationship with the circle of power.
Who are the majority of Iranian property owners in Dubai?
According to 93% of respondents, relatives of regime officials who purchase property in Dubai often do so to “hide the money they earned due to their connections to the circle of power.” However, 5% believe that buying property in Dubai is a way for them to “escape life under the Islamic Republic.”
Optimal legal-tax system for purchasing property abroad?
According to 55% of respondents, Iran’s legal system should impose restrictions, such as taxes, on properties in other countries. Conversely, 45% of respondents oppose such tax limitations. Among those who are against tax restrictions, 85% have not purchased property outside of Iran.
Overall, 36.5% of respondents believe that if a property is bought abroad, taxes should be paid in the country where the property is located. On the other hand, 23% think that property tax should be paid in Iran.
Additionally, 5.5% support ‘deregulation’ and easing tax conditions for buying property outside of Iran.
Regarding global investments, 22% of respondents “agree with the free and unrestricted right of all human beings to invest anywhere on the planet.”
Meanwhile, 16% believe that “every nation has the right to impose restrictions on the investments of its citizens or foreigners.”
Furthermore, 51.5% are in favor of legal restrictions “regarding the investments of officials and their relatives.”
In the opinion of 7.5%, “there should be restrictions on the investments of convicts.”
Dubai, Iran, Europe or North America?
Amongst the respondents, 31.5% expressed that they would buy a house in Iran if they had sufficient financial resources and a desire to invest in real estate.
29% chose a European country, while another 20% indicated a preference in investing in North America.
Only 3% said that they would buy a house in the United Arab Emirates if they had the financial ability and the will to invest.
