Realigro Real Estate

The Russians Are Buying Despite the Crisis

Since the early 1990s, buying property abroad has been a popular way for wealthy Russians to invest money and build bridges to a safe and comfortable life in Western countries. This trend has long been associated with members of high-society.
When the crisis had just begun, many Russians were scared and they delayed their purchases. But things have changed since January of 2009. 

George Shishkovsky, the managing director at the LondonDom.com estate agency, which specializes in UK real estate, declared that customers from Russia and the former Soviet republics started buying more that they used to before the crunch, but not only prime-class properties.

Shishkovsky claims that Russians are interested in the best areas of London. They prefer to invest money in the more modern, spacious buildings in the city center, preferably with car parking and security. A novel trend is a growing number of buyers who wish to renovate flats or houses to their own taste. While Russian customers used to choose key-ready real property in the UK, nowadays more and more of them are prepared to rebuild and redecorate their new homes using the services of local design bureaus.
In the middle-priced and low-priced segments of the West European real estate market, buyers from Russia and the former Soviet republics are less notable, in comparison to those from the United States, India and the Middle East.

The choice of countries and properties available for sale ranges from cheap German flats  to luxurious Mediterranean villas and European castles worth many millions. 

There are two basic groups of customers: one interested in apartments costing €50,000 to €200,000 or in houses with prices from €150,000. But the second group has totally different preferences. These rich people are looking for unique properties with a long history, impressive architecture and the perfect location. 

Most buyers do not buy overseas properties with the intention of living abroad permanently, many people are simply looking for a second home.

Apart from the profit margins, investing money in foreign real estate is attractive to many Russians because it can make it easier to obtain permanent residence in Western European countries. Although foreigners who own real estate do not receive permanent residence automatically, investors are welcome everywhere.