The Russian International Property MarketAs this market hardly existed prior to 1990 it has developed exceptionally fast but has not followed established, 'normal' patterns. Excessive and highly publicised purchasing in the early 90's caused a great deal of suspicion as to the legality of the funds being used.
Since the 1998 crisis Russia, especially Moscow has changed dramatically. Political stability and increased International acceptance has fuelled a substantial economic boom. The 2008 world economic downturn actually saw an increase in sales as Russians with saving sought to put their money into property abroad.
Some salaries are now equal to European standards whilst taxation and fixed monthly charges are considerably lower. There is a fast increasing middle class amassing disposable income and overseas property is now high on their list with the number of first time buyers increasing annually.
Success in the market has been found by many developers and agents who saw the potential and were quick to adapt to the special requirements of Russian investors. Visitor numbers to the specialized overseas property shows are again increasing as interest increases.
Russians also love to read magazines!
The Russian EconomyEvery day one reads about positive news of the Russian economy and most of these are also now confirmed by International professionals.
The Gross Domestic Product (GDP) and the economy continue to grow as stability returns. Unemployment appears to be under control as new jobs are created every month by expanding industries.
Despite the recent economic downturn, property prices in Moscow have remained exceedingly high making overseas property a most attractive proposition.
The positive GDP Growth and a now stable economy result in a positive real disposable income growth. Sales of cars in Russia are increasing as are luxury goods. There are many Russians now looking to purchase International property for vacations and especially investment due to the minimum pension provisions.
As the leading overseas property magazine in Russia, International Residence is at he leading edge of the Russian market. Read our monthly newsletter for latest details on what is happening in the fast growing market.
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