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The interest of Russians to luxury real estate in the US grew by 35%

07.12.2016
Homesoverseas.ru editorial office
133

After the presidential elections in the USA the number of requests of the Russians on the elite properties in new York and Miami increased by 35% compared to the same period in 2015, noted the experts of the international consulting company Knight Frank.

Up to 2014, when there was a sharp deterioration of relations between Russia and the United States, and had imposed economic sanctions, the demand from Russians for luxury properties in the United States was at a high level – about 15% of the total number of enquiries for overseas property, moving to Knight Frank. Then, the United States was consistently one of the top five most popular destinations among Russians for the purchase of real estate. By the end of 2015, America has not even entered the top ten countries by number of deals and the number of requests fell by more than three times in some months of requests to the United States were reported at all.

Today outlined the positive in U.S.-Russian relations revived the interest of wealthy Russians to luxury real estate in new York and Miami. 90% of the demand for residential property in budget of $500,000-$5 million for own stay and renting out. The yield from the rental of luxury housing in new York city today is 3-7% per annum.

More than 50% of the requests are small apartments and studios ranging from 40 sq m cost of $500,000-$2 million, About 25% of buyers are interested in apartments with two bedrooms ranging from 90 sq m in the budget from $2 million, the remaining 25% is apartments and penthouses costing from $4 million is Not excluded that the market will soon be back and bigger transactions.

Until 2014, the greatest demand for apartments in new York, Miami, Los Angeles, but the budget purchases was significantly higher. Requests
$5 million was prevalent, often took the deal and with objects worth $15-20 million

Commercial real estate until you have no more than 10% of the total number of queries. Buyers interested in shopping centers and objects street retail in new York in the budget from $15 million at this stage, However, customers are monitoring the segment of commercial real estate in the U.S.

Marina Kuzmina, Director of international property at Knight Frank, said: "Before the new year holidays traditionally increases the number of requests for new York and Miami, as many of our customers spend in America for the holidays. In this year for the first three weeks of November there were 35% more hits on targets in the United States than in November 2015. Also at the end of the year takes place the famous Art Basel in Miami, which flew many of our customers considering the purchase of real estate. A few customers were interested in the opportunity to buy property in development projects of Donald trump. Moreover, actively receive requests from developers of America, wishing to cooperate with Russia, they see potential demand from the Russians".

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