Migration of Russian millions

Domestic entrepreneurs are testing the strength of the British property market

The British property market is prepared to withstand the new Russian financial flow. The Times newspaper states that recent market research indicates a powerful increase in the purchasing activity of Russian businessmen. Moreover, they are increasingly attracted to the suburbs of London. The newspaper cites estimates from the real estate company Knight Frank, according to which Russians have spent £2.2 billion on real estate in London since 2000.

Now, according to the publication, Russian money has flown to the outskirts of London, and among the main buyers are not oligarchs, but “relatively inconspicuous specialists and businessmen” whose names and fortunes are not heard by the general public. This year, wealthy Russians have already bought 73 mansions in the London suburbs (in 2000 - 22 houses, and in 2004 - 11). English realtors are confident that the rise in property prices observed recently in the best areas of London is largely due to the activity of Russians. This year, luxury real estate in London has risen in price by 25%.

It is noteworthy that The Times and its experts link the new expansion of Russians into the British property market with the political calendar. “Apparently, Russians are being forced to think more and more seriously about Britain by the gathering fog around 2008, when President Putin steps down. It is not yet clear to them in what direction Russia will move after this,” the newspaper writes. “More and more Russians are deciding to buy something in the UK,” says Rupert Sweeting of Knight Frank, “because it is unclear who will succeed Vladimir Putin.” According to Knight Frank estimates, in 2000, Russians purchased real estate in the UK (mainly in London) for almost $100 million; in 2004, the amount increased to $396 million; this year it is already $799 million. With such dynamics, the peak There will be a wave of Russian buying up of English real estate next year as the elections approach.

Russian businessmen are now the leaders among buyers of expensive real estate in the British capital. They are snapping up homes priced above £6 million faster, ahead of American investment bankers and Middle Eastern sheikhs. According to Knight Frank statistics, this year Russian businessmen purchased a fifth of all London real estate in this price category. Particularly popular areas of London are Kensington, Chelsea and Hampstead. This year alone, the Russians bought 240 houses there worth over a million pounds.

The owners of companies providing helicopter rentals are the most perplexed. Due to the influx of Russians, they say, there are no longer enough cars and pilots. Many of our compatriots prefer to rent helicopters even when choosing an apartment. "We have so many orders that we don't know how to handle them," Richard Naylor, a spokesman for Surrey-based helicopter rental company PremiAir, told The Times. “We no longer have cars, and we also have nowhere to get so many pilots.”

The owner of the largest block of London real estate is considered to be Russian billionaire Roman Abramovich, who has spent about £50 million over the past two years on the purchase of four houses in Belgravia and four apartments in Knightsbridge. In addition, he owns the Fining Hill estate in West Sussex, worth £18 million. Another Russian businessman, Oleg Deripaska, owns a mansion in Belgravia worth $25 million, and steel industrialist Vladimir Lisin last year bought Aberbrookhill Castle and 3,300 acres of land in Scottish Perthshire for £6.8 million, the newspaper reported.

Denis UVAROV