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Number of wealthy Russians flow to Europe soars

Number of wealthy Russians flow to Europe soars
Demand for real estate soared 2-fold annually

Baku. 21 November. REPORT.AZ/ Wealthy Russians have accelerated the purchase of real estate abroad on the background of the economic crisis and Western sanctions. 

Report informs citing the Politsturm website, says a report prepared by the international consulting company KnightFrank.

According to report, during first 10 months of this year, purchase of real estate abroad by Russians has doubled in annual terms.The most popular destinations are Germany and Italy.Cyprus is on the third place again.Thus, Cyprus promises a passport to the real estate owners and there are various tax privileges in that country. Notably, if in 2016, Cyprus will receive 2-50 million euro real estate orders made up 15% of total orders, this figure up to 32% in the first ten months of 2017.

Marina Shalayeva, Director of External Markets Department of KnightFrank, said that along with real estate demand demand for getting ready business in Europe increased 6-fold .The company's report notes that over the past two years, amount of funds spent by Russians to buy property abroad has dropped by 38% to 4 million EUR ($ 4.7 mln).

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