Russians destroy records on foreign real estate market

While in Croatia the law is developed by which the buying of real estates in Croatia is regulated for Russian citizens, and to the fall of interest for Croatian real estate also contributes visa regime, Russians on foreign real estate market break records.

According to the information of Central bank of Russia, only for three first months 2013, Russians paid for buying of real estates abroad 414 million dollars. And it should be added to that that Russian citizens still take mortgage in foreign banks or pay out the sale from already opened accounts.

Russians buy most often real estate outside their country to go there for holiday. From other popular places it is possible to state job or medical causes, but there are those who plan to live abroad.

Turkish authorities recently officially proclaimed Russians leaders among foreign buyers by the number of agreed contracts. While this year at the real estate prices the most accessible was Bulgaria, where, with a bit of lack, one room apartment on Black sea is possible to buy for 30 thousand euro. Relatively cheap real estates are on Cyprus, in Paphos, where one room apartment costs 60-65 thousand euro. Rapid fall of prices for real estates in Spain  led to that that the demand for real estates totally breaks all records, and potential buyers are interested in cheap real estates such as apartments on the coast which cost from 50 to 100 thousand euro. Even though the price is important, it is not the only factor when choosing the state where Russians will buy real estate. One wants to get staying permit, so they turn, first of all to Latvia, Slovenia, Greece, Cyprus. Others are on the other hand interested in real estates in tourist centres-there are more versions here. And there are those who buy house of apartment in order to rent it later, and in that case they choose Germany.

As Russian News announce, Georgij Dzagurov, general director of company Penny Lane realty, as positive tendency notice that lately  there is less thoughtless buying. It sometimes happened that the buyer, totally won over by the commercial, throw themselves at buying the real estate without knowing the terms of conclusion the agreement or possible additional business. And these costs can be really big, since costs of concluding the business in some countries is up to 20% of the real estate value. Those who don’t have big incomes when buying real estate abroad take mortgage in foreign banks. The lowest percentages for mortgages are in Austria, Great Britain, Latvia, France, Switzerland. Usually the rate is not higher than 5%, and in noticed sum of loan (70% of object value) is possible to get in banks of Great Britain, Spain, Cyprus and France. For Russians is easier to get mortgage in Spain and the hardest in Germany where foreigners very rarely get loan, since the procedure of getting documents more strict and banks are more strict towards borrower. And if Russian buy real estate in Germany with the mortgage in Russian bank, sellers, specially those who built the object, usually ask for the proof by the bank on profitability, and sometimes the condition that mortgage loan can be given only in German bank.

No matter of all that, Germany was in year 2012 on the top of rates of the most attractive countries for investing in real estate. On Germany currently goes 25% of all demands.

The demands for real estates in capitals of leading countries of European union does not fall, while in tourist centres lately is visible significant fall of interest for buying real estates in tourist centres, first of all since all those who want it already have it. So experts forecast further fall of buying residential real estate abroad. But these losses, according to their opinion, will be compensated by the  growth of businesses with commercial activities.

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