The market of foreign real estate in Russia has undergone significant changes in 2017.
According to the information portal Izvestia, the ruble savings of Russians increased by 14%, and with a decrease in deposit rates, the amount of money that Russians keep in banks has decreased. In this regard, the number of people interested in investing abroad, as well as in the acquisition of real estate, has increased. According to Prian.ru, Oleg Tinkov, one of the leading banking entrepreneurs, encourages citizens to invest in real estate abroad.
In addition to the banking component, the political situation in the world also affects the demand of Russians in foreign real estate market. Over the year, the number of investments in the US decreased by 40%, but the total number of investments abroad doubled. 1/3 of the demand is formed by Cyprus. The interest of Russians in UK real estate has also increased. While the GBP is unstable, Russian citizens are trying to invest as much as possible in the United Kingdom.
In addition to Europe, Georgia and Turkey continue to be in demand among Russians.
The proximity of St. Petersburg to Europe, as well as the regular trips of residents of St. Petersburg to Eastern Europe just for the weekend, forms a special demand among the population for real estate in Europe.
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