Russian investors have intensified activity in the real estate markets of Spain, the French Riviera and Central London.
Due to the fact that the Russian securities market is now in decline, many Russians are selling their securities and shares. The freed funds, most of them, prefer to spend on the purchase of European real estate, considering this as a long-term investment.
But as European realtors say, when buying property from Russians there is always a list of requirements, which usually includes proximity to an international airport and a high level of security. Also, Russians prefer to buy real estate in new houses or villages with well-developed infrastructure.
Another important factor is that investors from Russia use their own funds, sometimes without setting the upper bar when searching for an object. And only a very small proportion of investors consider options worth less than € 800,000.
Bolt Property Group, a luxury villa construction company in Spain, has announced that the number of requests from Russian customers has increased dramatically.
“Just last week, I had negotiations with a client from Moscow, who had an unlimited budget. There are many places in Spain that can offer decent infrastructure, a high level of security and a favorable climate 365 days a year, ”said Hadley Bolt, president of the company.
The French Riviera has always attracted wealthy investors, and it is still popular among Russians. “They come to the Riviera, because it is very beautiful here, and also because a lot of expensive real estate is concentrated in a small area,” says Serge Covan, Executive Director of Unique Living.
His company also notes an increase in the activity of Russian investors in Cyprus. “At the moment, quite a large number of Russians have second homes on the island. Cyprus is now extremely interested in finding investors for luxury real estate, and the Russians have funds that investors from Europe and the USA are lacking now, ”added Cowan.
According to Searchwells Independent Property Finders, in London, the most popular places for Russians now are Kensington, Chelsea, Knightsbridge and Pimlico.