Words: Ashley Rigg
Published: 14th September 2009
Russia: Growth of the middle market
OPP are reporting on an increase in the proportion of middle and lower-end Russian buyers, purchasing property abroad.
Kim Waddoup, CEO of Russian property media company aiGroup says the lower end of the market has risen by 30-40% in the last year as the middle classes have looked to take their money out of banks.
The top of the market however has been hit hard as Russia’s elite have suffered at the hands of the stock market crash and banking crisis.
Bulgaria and Turkey are still the most popular destinations with Russian buyers but other areas of Western Europe have seen a rise in interest. Like almost everyone in this market, Russian’s are insisting on great value for money and evidence of significant price reductions.
Full story on
OPP
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Sal Antsipenka,
Independent Brokers Realty