Weekly Real Estate News
Russian nationals are taking a new shine to US real estate, generating a 78.5% year-over-year activity spike in this market.
According to The Moscow Times’ analysis of Tranio data, the US ranks ninth among Russian real estate investors seeking global properties, representing 3.6% of the sector’s overall demand. In comparison, most Russian investors – 25.6%, to be precise – are aimed at Thailand’s real estate market.
While the Russian presence in the US real estate market is miniscule – less than 1% of all foreign buyers, according to the National Association of Realtors – these buyers are big spenders. The average Russian buyer paid $652,915 per property, while the overall foreign average was $480,695. Florida, particularly its “Little Moscow” section in the Miami suburb of Sunny Isles Beach, is the most popular state market for these buyers, followed by Georgia, New York, California, and Illinois.
And as for the traditional Russia-US enmity, a recent survey by the independent Levada Center pollster found 40% of Russians describing the US as the being the “most hostile” nation to Russia, down from 76% one year earlier.
Photo: Tatjana Meininger / Getty Images
