Saturday, May 29, 2010
Russians target Central London
Bloomberg: London Luxury-Home Prices Gain on Demand From Russian Buyers
"London luxury-home prices climbed in May for the seventh straight month as the pound’s weakness attracted buyers from abroad, Knight Frank LLP said". "The number of Russians seeking property through Knight Frank has more than doubled in the past two months, and they now account for almost 8 percent of all purchases of more than 2 million pounds, Bailey said. Knight Frank compiles its luxury-homes index from estimated values of properties in the Mayfair, St. John’s Wood, Regent’s Park, Kensington, Notting Hill, Chelsea, Knightsbridge, Belgravia and South Bank neighborhoods of London.
Posted by alan @ 05:26 PM (932 views) Add Comment
3 Comments
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1. dill said...
Oligarchy is history. A very different world order lies around the corner.
2. d'oh said...
Dill@1 One would hope...although I fear it just may become more common.
3. greenshootsandleaves said...
So, it was the Greeks last month and now it's the Russians (again). I wonder who it'll be in June. Call me a young cynic if you will, but I have a feeling in my bones that, whichever ethnic group it is, a 'property specialist' will be mentioned in some article who is ready, able and willing to do business with them.
By the way, there's no mention of a possible knock-on effect on other London boroughs/the Southeast/the rest of the country. The outlook generally must be dire!