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Russian interest in real estate, both local and foreign, has gradually risen over the previous decade. However, this has sparked a lot of speculation among European estate brokers. The western mindset is that the average Russian buyer would spend lavishly in the sunniest possible location, with a great interest in acquiring new citizenship. According to Meravista's research, this is far from the case.
Meravista has almost entirely studied Russia-originated publications, studies, websites, and internet searches to provide a study based on the Russian viewpoint of purchasing patterns, rather than the Western opinion of why, what, and where this country is putting its money.
According to Meravista's study, stability is the top priority for Russian purchasers wanting to invest in overseas property, making the UK the current top option, with Germany and France close behind. With an average budget of 5.6 million dollars, rich Russians seeking profit and status account for 20% of all non-resident property purchases in London and Paris.
Using the same stability logic, Bulgaria, Spain, and Portugal are now regarded as the worst options for investment owing to economic instability. On the other hand, analysts agree that the rock-bottom prices of real estate in Spain and Portugal represent a fantastic chance to buy. They warn that prices may take 3 to 5 years to recover enough for a profitable sale. This appears to be a more fair assessment of the vast majority of Russian real estate transactions.
A second house accounts for more than half of all Russian purchases. With the recent expansion of wealth in Russia, the country's dacha (summer home) tradition of owning dachas (summer residences) in the countryside has reached the middle class. The difference now is that Russians are now able to have their dacha in a foreign nation. Regardless of geography, the typical price ranges favoured by Russians are between €100,000 and €200,000.
The ongoing conflict between Ukraine and Russia has resulted in a significant rise in UK property queries from affluent Russian purchasers looking to relocate to avoid the effects of economic isolation by the West. Over 95% of all transactions include the Russian buyer keeping their present property in Russia. This suggests that residency and citizenship in the EU do not appear to prioritise most people.
Prian.ru, Russia's biggest property market, published a list of the top 30 countries where Russian purchasers travelled in 2019. Russia is ranked 21st out of 55 nations making direct investments in Portugal by Portugal's Foreign Investment and Commerce (AICEP). Bulgaria, Spain, and Germany topped their list, with Portugal placing 20th and the United Kingdom 22nd overall. Prian.ru's figures, on the other hand, are just a reflection of the portal's inventory.
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