Panic Buying in London after Russian Economy Troubles
The recent economic crisis in Russia has sparked a spree of panic buying in London. Wealthy Russians are trying to get their money out of Russia and into a safe haven – the London property market.
Some high-end estate agents have seen a rise of 10% in luxury homes being sold in the last 12 months. It’s all because of the fall in rouble price on the stock markets.
One London estate agent in particular has recently mentioned some of their Russian clients are looking to spend up to £20 million on property in the London.
Like the Chinese, Russian property investors now see London as an excellent investment opportunity through buying and renting out property as well as snapping up any commercial property.
The most favourable addresses in London for the Russians include Kensington Palace Gardens, One Hyde Park, the Knightsbridge Apartments, and Holland Park.
However, it is a well-known fact that as the rouble depreciates further, investing in the UK will become more and more expensive for the Russians.
Stewart Property Buyers Team