Dubai Real Estate Market Shatters Records with Historic AED 66.8 Billion in Transactions in May 2025
June 4, 2025
By Isaac Newton, Real Estate & Investment Consultant. June 2, In a recent investigative report by Schemes, a project by Radio Free Europe/Radio Liberty, it was revealed that the family of the late Andriy Portnov, a former top aide to ex-President Viktor Yanukovych, acquired more than $2 million worth of real estate in Dubai during Russia’s full-scale invasion of Ukraine.
The purchases, which occurred between 2022 and 2023, were made by Portnov’s civil partner, Anastasiia Valiaieva, and his daughter, Liliia Portnova. According to leaked property records from Dubai’s Land Department, verified in collaboration with the Organized Crime and Corruption Reporting Project (OCCRP) and Le Monde, six properties were acquired. As of mid-2025, five of the properties remain under their ownership.
The first known purchase was in October 2022, when Portnova bought a 69-square-meter apartment in Sobha Hartland One Park Avenue for approximately $320,000. The acquisitions reportedly accelerated in mid-2023, with multiple units purchased in luxury developments like Sobha Hartland Waves Opulence and Creek Vista Heights, with prices ranging from $132,000 to $600,000 per unit.
One of the properties, an apartment in Sobha Hartland Waves Opulence valued at over $600,000, remains under construction and is set for completion in September 2025. Another unit in Creek Vista Heights, worth more than $550,000, is expected to be finished by 2026.
Despite these significant property holdings, there are no public records indicating active business operations for either Valiaieva or Portnova. Valiaieva, who previously owned the company Vasilisa Group (formerly Portnov Group), had her association with the company severed in 2020. Additionally, it was confirmed that Valiaieva has held Russian citizenship since 2014, while Portnova is a Swiss national.
The report also uncovered that in April 2024, Portnov transferred ownership of a luxury estate near Kyiv to his children through a notarized deed of gift. The deed, which was confirmed by Schemes, shows that Valiaieva acted on behalf of the children in completing the transaction, while a Ukrainian notary certified the deed.
These revelations come just two weeks after Portnov was tragically shot dead in Madrid on May 21, 2025. Spanish media reported that he was shot multiple times, with at least three bullets striking his head and torso. No arrests have been made in connection to his death. Portnov, 51, was a controversial figure in Ukraine, known for his ties to the pro-Russian political faction and his influence in the media.
Portnov’s history includes several legal battles, including defamation suits against media outlets such as the Kyiv Independent. He was also a key player in media outlets like the pro-Russian NewsOne TV channel and was sanctioned by the United States in 2021 for corruption and judicial manipulation.
Implications for Dubai’s Real Estate Market
The Portnov family’s significant property investments further illustrate Dubai’s continued appeal as a destination for high-net-worth individuals seeking to safeguard assets in times of geopolitical uncertainty. With Dubai’s robust property market offering both luxury and investment opportunities, it is clear that the city remains a hub for international investors seeking stability amid global turmoil.
