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Where are Russians Buying Overseas Property in 2017?
Russian has been hit badly by the fall in oil prices and the decline in value of the rouble. Many wealthy Russians living in Russia have been hurt by this, which is why the Russian investment in overseas property has been below par in 2016. We don’t expect any substantial improvement in 2017 either.
Still, cash rich Russians living outside of Russia are among the biggest buyers of overseas properties in Europe and elsewhere in the world as most of their money is saved in off shore accounts in Cyprus and other countries. So if you’re looking to sell overseas property privately any time soon, you should look at the situation in Russia very seriously.
Let’s have a look at just some of the top overseas property destinations for Russian investors...
Spain remains the most popular destination for wealthy Russian investors. Among the regions in Spain, Russians have a preference for Barcelona, Costa Blanca (Torrevieja, Alicante), and Canary Islands (Tenerife). There are regular flights from Russia to Spain.
Spain is popular because of many reasons – perfect climate, relaxed lifestyle, splendid beaches and friendly locals. The Golden Visa scheme, which promises residency permits to investors from non-EU nations that buy properties in Spain worth over 500,000 EUR has many takers among Russian buyers.
2. The USA
There might be a new political rivalry between the United States and Russia as President Barack Obama and President Vladimir Putin clearly don’t see eye to eye, but USA is one of the favourite overseas property destinations for wealthy Russians. Russians have a preference for properties in New York, Miami, and Los Angeles.
USA is popular because it is the richest country in the world with 22% of the global GDP. It has a stable and developed economy and a real estate market that is on the way up. The rental property market in the USA is flourishing as well, so investors can make an excellent rental income off their properties. As you would expect the infrastructure and amenities in the USA are the best on the world.
Bulgaria is very popular with Russian buyers looking for a low cost accommodation abroad. Home prices Bulgaria are very cheap. The average price of apartments in Burgas is €45,000, in Varna €60,000 and in Sofia €60,000. Real estate in Bulgaria is as cheap as it gets in Europe.
Bulgaria also has the lowest property taxes in Europe. It is geographically close to Russia and has excellent relationship with the Russian government. So Russians have the ease of access to Bulgaria. The climate in Bulgaria is mild, and the landscape is very diverse. There are popular beach resorts such as Sunny Beach and winter destinations such as Bansko.
If you have an overseas property for sale in Italy, you should look at marketing it to Russian investors very seriously. Russians love Italy and in particular they like the regions of Lombardy (Lakes Como and Garda), Tuscany, €300,000 and Lazio (Rome).
Italy has excellent infrastructure and a wide variety of landscapes such as sandy beaches, popular ski resorts, beautiful islands, and vast natural parks. Italy is also famous for its rich culture, fast cars, exquisite food and wine and beautiful women.
They are also investing in many other parts of the world now including Turkey, Egypt, Greece, Cyprus, Croatia, The Caribbean, Ireland and the UK and many other countries.
Contact us today to sell your overseas property privately in any part of the world to cash rich Russian investors.