Russians start taking interest in London housing once again

Russians start taking interest in London housing once again
Photo: Alexander Miridonov / Kommersant

The main interest of the wealthy Russians is focused on real estate items worth at least £ 5 million.

The number of requests from the Russians to buy prime residential property in London unexpectedly rose in January threefold in comparison to the traditionally more active months - November and December, reports Kommersant with reference to Knight Frank data.

Experts explain the resumption of buyers’ activity by a deferred demand which formed in the period of economic and political instability as a result of Brexit – June referendum on the UK exit from the EU.

As the market experts emphasize, throughout 2016, the Russian buyers demonstrated  a waiting attitude with regard to purchases of luxury apartments and houses in London, choosing the transactions in the countries which issue residence permits and EU citizenship when buying property – Cyprus, Malta, Greece, Montenegro, etc.

However, as the situation in the UK stabilized when it became clear that no collapse in the UK real estate market is expected, the Russians began to return. At that, in response to a surge in demand from foreigners, London developers continue their flexible pricing policy offering a discount of up to 15%.

The main interest of the wealthy Russians is focused on real estate items worth at least £ 5 million.

It is to be reminded that earlier a sharp increase in demand from the Russians for luxury housing in the US was recorded. The experts explained it with the presidential victory of Donald Trump.

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