This summer record numbers of properties have been sold to Russian investors. It is estimated that the Russian International Real Estate Market is now valued at more than $7.5 billion with an increase due for this year.
Moscow International Property Show
The next Moscow International Property Show is 70% sold out and is well on target to be the largest show to date. "We have worked hard to create the marketplace for International Real Estate specialists. The new venue has enabled us to increase the size and improve conditions" states Kim Waddoup, the Organiser. "We are also most encouraged by the increasing number of potential buyers who visit these events, buying real estate abroad is relatively new in Russia and now we see the market growing fast" The dates of the Moscow International Property Show are 18 & 19 November 2005.
It has been reported from Bulgaria that a Russian investor bought half of the 100 units available in a development in the Kavarna district, the remainder were bought by a British investor. From Marbella many specialists now report that Russians account for more than 10% of their clients and that this figure is growing steadily every year. It appears that the Barcelona area appeals to Russians with Russian buyers in 7th position ahead of the French.
In Manhattan Russians continue to buy real estate including a $22 million deal to convert a block into a private home for one of Russia's super rich families. Even in Las Vegas realtors are reporting more interest from Russia. From Cost Rica we hear that Russians are now well interspersed amongst the traditional foreigners (Americans, Canadians & Germans). In a recent survey it was discovered that it is not always price that is the defining factor:- 10% buy to be close to relatives, 7% buy to be close to educational or medical centres, 45% to be in a warmer climate, 38% are looking for simplified visa conditions.
Moscow Golf & Luxury Travel Receptions. Popular for International Real Estate
The Moscow Golf & Luxury Travel Receptions have been taking place in Moscow for the last 3 years. These are the most exclusive tourism events to be held in Russia. "In the last events we have noticed an increasing number of International Real Estate specialists and developers participating at these events. As an elite Reception all our participants have the opportunity of making direct contact with the high value guests that we invite" - quotes Liliya Gerasimova for the Organisers. "It appears that our principal of invitation-only is also appreciated by Real Estate specialists.
As can be seen by the number of participants at the Moscow Property Shows from Dubai that this is of great interest to Russians. It is reported that more than 300 Russian investors have purchased in the last year to a value of more than 190 million dollar. A new survey initially indicates that the countries that most interest Russian buyers are Spain, Great Britain, Cyprus, France, Bulgaria, Croatia, Montenegro, Italy, Switzerland, USA, Turkey, UAE,Goa, Costa Rica, the Caribbean and Thailand.
Source: Ai Group