Montenegro attracts Russian property buyers
17 January 2010
The demand for European property by Russians is steadily increasing despite the economic downturn, Russian media have reported.
According to official data, Russians are currently the most active foreign buyers of property in Europe, especially in its eastern regions. Most of them look for properties in Montenegro, near ski resorts of Bulgaria, Turkey and other countries with a well-developed tourism sector.
Currently Russians account for almost half the buyers of real estate in Europe, despite the fact that compared to 2009, the number of transactions completed by them has decreased by 5 per cent.
In contrast, the demand for foreign property among the citizens of the EU and the US has significantly dropped since the beginning of the recession.
According to the Kvadroom Property Group, currently prices on real estate in Russia are so high (average cost of one square meter of housing in Moscow is more than USD 5000) that more and more Russians prefer to invest their money in property abroad.
Russian buyers are now also increasingly interested in Western European real estate.
<<< back to all Montenegrin news >>>