A new wave of Russian buyers
25 JUNE 2013
The UK property market is proving irresistible for buyers from Russia and the CIS. Accounting for 5.1% of all prime London sales, which is second only to investors from Western Europe, Russian and CIS buyers are also spreading their wings and moving further into the country. Generally they are becoming more sophisticated in their search criteria and thinking more local, which means getting more value for money and moving outside of London.
Attracted by security, high living standards and a stable economic environment, the UK housing market continues to offer a good investment opportunity with many from Russia and the CIS choosing to make it either their main residence or a second home. Thriving communities, good infrastructure and access to the British education system, which has become a globally recognised brand, are additional pulls.
Overseas buyers are informed in their purchases by their experiences at home. Moscovites, as an example, will often have a city pied-a-terre and a country residence about an hour outside the capital. It is no surprise, therefore, that they are trying to apply the same model to their UK life, choosing prime central locations such as Knightsbridge, Belgravia, Kensington and Chelsea as a London residence with Surrey, Kent or Oxfordshire proving popular country weekend destinations or a permanent base for their families.
There is also a new wave of Russians and CIS nationals buying properties. A second generation of Russians or Kazakhs, who are British-educated young professionals, are choosing to live and work in the UK. Their knowledge of the market dictates a more sophisticated, more demanding and more localised approach to buying properties than ever before.