RealEstate&Co

Real Estate Market United Kingdom

Russian buyers snap up prime London property


Date: September 05, 2008

Oligarchs favour trophy homes of white stucco with their own parking areas in Chelsea, Belgravia and Mayfair, but the price must be right! According to the Timesonline web magazine, despite the international economic crisis, some Russian oligarchs can still afford to treat themselves to such British status-symbols as white-stuccoed houses in Belgravia. However, the price must be right!

This quest for a competitively priced opportunity is guiding Russians in their search among the bargains now on offer in the best corners of Belgravia, Chelsea, Knightsbridge and Mayfair. These neighbourhoods are among the most favourite for Russian oligarhcs.

A Grade II four-bedroom house, for sale through estate agent Savills in Egerton Terrace, Knightsbridge, is the archetypal stucco trophy. The asking price of ё9.5 million includes a garage. Parking is important for Russians, which is probably why there are four underground spaces for cars at a house in Eaton Square recently refurbished by the developer Finchatton with the international businessman in mind. Other features of this five-storey, five-bedroom 25million pad is the room for the live-in bodyguard who can observe all comings and goings via his own control panel. There are hidden cameras absolutely everywhere: the very latest in domestic electronic gadgetry appeals to this clientele.

The Russians'' other main requirements, the article says, are cinemas, pools and high ceilings. Even luxury new-build apartments in London have typical room heights of 2.7 metres; for moneyed Muscovites, anything less lofty than 3.5 metres is a closet, not a place to entertain.

Despite the Russian's passion for London real estate, they are happy to bide their time because they see the UK as a long-term safe haven, with nice shops, restaurants and schools.





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