Russians Are Most Active Foreign Buyers of Properties in Europe

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(MOSCOW, RUSSIA) -- Despite the downturn, the demand for European property among the Russians is steadily increasing, the Russian media reports.

According to official data, currently the Russian people are the most active foreign  buyers of property in Europe, especially in its Eastern part. Most of them usually seek property near the famous ski resorts of Bulgaria, Montenegro, Turkey and other countries which have a well-developed tourism industry.

Currently the Russians make up almost half the buyers of real estate in Europe despite the fact that compared to last year, the number of transactions completed by them decreased by 5%.

In contrast, the demand for foreign property among the citizens of the European Union and the US since the beginning of the recession has significantly dropped.

According to the Kvadroom Group, currently prices on real estate in Russia is so high (with the average cost of one square meter of housing in Moscow more than $USD 5,000) that more and more Russians prefer to invest their money in buying property abroad.

If in the past many of them preferred to buy homes and apartments in Eastern Europe, today more and more Russian citizens are interested in Western European real estate and even in the UK.

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