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| Russian contribution to the American real estate market |
| Published on 22-10-2008 | Email To Friend Print Version
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Increased number of wealthy Russians buying property in USA.
The Russian businessman Dimitri Ribolovlev bought recently the private detached villa of Donald Trump in Palm Beach for the amount of 100million dollars.
As the United States have lost the biggest part of their resources due to the financial recession and extensive economical problems, statistics indicate an increase in the number of affluent Russians deciding to invest in the USA property market.
In the area of Palm Beach, the Mongolian origin, Russian Dimitri Robolovlev bought from Donald Trump a villa for 100million dollars according to a report taken from a reliable source related to this agreement. Last year the Russian businessman Oleg Baikov, president of the construction company “GSC City”, bought immovable property in Manhattan for an estimated 13.5 million dollars. Whilst the number of Russian citizens are buying villas in USA is not a vast scale the total invested capital by the Russians is significant and very important for the American real estate market. This interest started just a few years ago when the meagre dollar started to attract the attention of foreign investors and purchasers including many Russian businessmen. The significant rise in the Russian economy especially the increase income from the energy sources has provided sufficient funds for more and more Russian businessmen to invest in the USA property market. At the same time we have to note that the property market in Moscow is one of the most expensive real estate markets worldwide. Therefore property investment anywhere else in any other country is considered profitable.
In New York City more than 15% of purchasers are foreigners and the Russians have a large piece in these sales according to the leader of the real estate company “Brown Harris Stevens”. However, USA is not their first choice of destination for investing in real estate; London Property and the South of France Property are proving to be more desirable to Russian purchasers who concentrate on specific areas. Relevantly to America, the most popular destination for investors is Miami. In May 2008 a Russian citizen bought an unusual white residence that was for sale for 10, 6 million dollars and a popular Russian singer bought in January in the same area a 1, 4 million dollar property. Miami became a desirable destination sometime in the nineties when many celebrities bought their luxury villas. The Russian media focused on this aspect giving it important coverage and of course promotion and advertisements of these areas were evident in Russia.
The Top Properties Team
October 2008 |
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