Demand For London Real Estate Among Wealthy Russians Up 50% In Spring - Consulting Firm

Demand for London Real Estate Among Wealthy Russians Up 50% in Spring - Consulting Firm

MOSCOW (UrduPoint News / Sputnik - 15th June, 2021) The demand for real estate in London among Russians with ultra-high net worth increased by 50% year-on-year this spring, consulting company Knight Frank said on Tuesday.

March is said to have been an especially lucrative month, with over 1 million transactions, worth 274.8 billion Pounds ($387.8 billion) in total. The last time such high figures were registered was in November 2007.

"We continue seeing the rapid rebound of demand for elite residential real estate in Great Britain among Russian ultra-high-net-worth individuals.

In spring, the number of requests to purchase real estate in London increased by 50% year-on-year," Head of International Department, Marina Shalaeva, said in a statement, adding that most of the deals are done in the high-price segment with tags starting at 2 million pounds.

Knight Frank predicts that elite real estate prices in the United Kingdom may increase by 5% by the end of 2021 and by 24% by 2025.