Slight growth for Russian overseas property investments in Q3 2015
Foreign property purchases by Russians rose for the first time since the spring 2014 according to the Central Bank of Russia. During Q3 2015, spending increased by $3 million (1.7%) to $233 million compared to last quarter ($229 million), heralding hopes that Russian overseas real estate investments are stabilising.
These results are still far below
Overseas real estate investments stumbled and plunged in the last quarter of 2014 when oil prices bottomed out, taking down the
"This can hardly be called ‘real growth’, it is rather about the market stabilising. I think this is due to the growing interest of Russians in buying
The Central Bank OF RUSSIA has been publishing
The report names Switzerland, Latvia, the USA, the UK, Spain and China as the most popular destinations for Russian funds this year. However, in terms of property, their activity has yielded more surprising results. In fact, although Russian foreign purchases have fallen, buyers are directing more investments into commercial property and residential real estate in Eastern European countries according to Tranio research on Russian and CIS overseas property activity 2015.
Traditionally, Russians buy more property overseas during the final quarter of every year, except in 2014, but there is no guarantee foreign real estate markets will see it this year.
"I believe that next year will bring another decrease in residential real estate transactions proportionate to the ruble exchange rate, but buyers of foreign
Yulia Kozhevnikova, Tranio
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