During the boom Russians became prolific in the world of overseas property, particularly in Bulgaria, Ukraine and other coastal hotspots in the region, but also in Spain and the Med. They, like buyers from almost all nationalities became rare during the financial crisis, but according to many reports they are now becoming as prolific as ever.
According to aiGroup, who surveyed Russian investors at their three property shows between September and November, 71% of Russian investors are planning to complete a purchase in the next 3-6 months.
More than two thirds of Russian overseas property exhibition visitors are looking to complete a purchase in the next three to six months. Kim Waddoup, chief executive of the group said that exhibitors at his Moscow and St Petersburg property shows reported "stronger than ever interest in their properties".
The reports are confirmed by official data, which shows a surge in capital flight out of Russia into foreign assets and investments. According to central bank chairman Sergei Ignatyev has estimated $49.3 billion has left the country in the first nine months of the year, already outstripping 2010’s figure of £35.3 billion. $13 billion of capital left Russia in September alone…70% of the third-quarter total.
Turkey is a firm favourite among the new breed of investors according to other reports. International Residence surveyed 499 Russian investors at the Moscow International Investment Show in March this year, and found Turkey to be the third most popular country among those looking to buy. Spain and Bulgaria were first and second.
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