Russians Look to Increase Exposure to Foreign Property

Demand for overseas property from Russian buyers is set to soar, as many wealthy investors look to diversify their portfolios with homes abroad. Property magazine International Residence recently released new research...

Demand for overseas property from Russian buyers is set to soar, as many wealthy investors look to diversify their portfolios with homes abroad.

Property magazine International Residence recently released new research which revealed that 40 per cent of the visitors to the Moscow International Investment Show were planning to spend an average of EUR 100,000 to EUR 250,000 on an overseas property.

A further 11 per cent were considering spending in excess of EUR 500,000 on a foreign real estate purchase.

The most popular destination for the Moscow buyers was Bulgaria, closely followed by Spain, with third place going to Turkey. However, the research noted that a number of emerging property markets were also attracting the attention of savvy Russian buyers.

Svetlana Andryukina, editor of International Residence magazine, said: "Watch out for new destinations including Montenegro and the Czech Republic to gain in popularity. Even the UAE is coming back into fashion with some canny Russians picking up bargains in the sun." 

- Wednesday 20 April 2011

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