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There’s been a recession in Russia since 2014, but cash rich buyers from Russian still continue to invest in overseas properties across the world. In this article, we tell you where wealthy Russians are buying properties abroad.
The USA – There’s a huge demand for properties in the USA from wealthy Russian investors. Generally Russians prefer to buy apartments in New York, Miami and Los Angeles. The average Russian investment in the US is around $500,000.
USA is popular because it is the most developed nation on the planet and has a very stable economy. The property market in the US has been on the upward trajectory. There’s a huge demand for rental properties in the US, with over 35% of the population living in rented accommodations. So there’s a plenty of opportunity for a high rental income to be made. The infrastructure here is as good as it gets.
SPAIN – Russian buyers love Spain, especially the regions of Costa del Sol, Barcelona, Costa Blanca and the Canary Islands. There’s a huge Russian community in Alicante and Tenerife.
An average overseas property in Spain costs from €100,000 to €250,000, depending on where you buy it from. Property prices in Barcelona and Madrid are much higher than what you would get in Costa del Sol and the Canaries.
Spain is popular because it receives 320 days of bright sunlight with an average temperature of 17°C. Spain has an open and transparent culture and there are a number of affordable and regular flights from Russia to Spain.
BULGARIA – Bulgaria is one of the most popular overseas property destinations for Russians. Russians like buying properties in Bulgaria because how affordable they are.
An average property in Burgas costs €45,000, in Varna, just €60,000 and in Sofia, the capital of Bulgaria, an apartment costs just €60,000. In no other country in Europe do you get property prices such as these. Indeed, the cost of living in Bulgaria is very cheap.
Bulgaria also has the lowest property taxes in Europe. It is geographically close to Russia, so getting from Russia to Bulgaria is not a problem. The climate in Bulgaria is moderate. The people are friendly and the culture is very diverse.
GREECE – Greece may not be in the best of economic health, but as an overseas property destination, it is just as attractive as ever. The Greek islands attract record numbers of tourists and 2015 saw 22 million tourists visiting Greece, although the country was in the middle of an economic turmoil.
Properties in Greek Islands such as Crete and Mykonos are very popular with Russians and today cost an average of €100,000, much less than they were worth in the past. Greece offers residence permits for property purchases over €250,000 under a new Golden Visa scheme.
Greece has one of the clearest seas and longest coastlines (over 15,000 km) in Europe and sees more than 300 sunny days per year. Russian buyers also like the fact that Greeks are generally friendly towards Russians.
TURKEY – Turkey is considered by many to be one of the hottest overseas property destinations and this is in spite of the recent terrorist attacks in Istanbul which have killed scores of people. Turkey is one of the most popular tourist destinations in the world and Istanbul is the most visited city.
Properties in Turkey are very affordably priced. An average apartment in Antalya costs €60,000, in Alanya, €57,000 and in Istanbul, just €66,000. Properties in Turkey have been increasing in value by 10% every year, so they present excellent investment opportunities. Also, there’s a high demand for rental property in Turkey.
There are direct flights to Turkey from all major Russian cities. The people here are warm and friendly towards Russians.
Finally, to sell your overseas property to cash rich buyers from Russia, you must market it aggressively on Russian property portals, online forums, magazines and property shows.
That is why hiring experienced estate agents who specialise in selling overseas properties to Russian buyers can make all the difference. If you need to sell overseas property fast in any part of the world to cash rich Russian buyers contact us today. They are also buying in record numbers in France, Cyprus, Germany, Holland, Ireland, Thailand, Egypt, Morocco, Hungary and the United Kingdom.