Property News

Russian demand for London elite housing continues

Russian demand for London elite housing continuesRussians led the purchase of elite real estate in London in May, research published by the Knight Frank consulting company revealed on Monday.

The report said that Russians made up 15% of the foreign buyers of elite London real estate in May, with 56% of the purchasers foreigners.

"The Russian demand compensated for the decline of demand in Britain, as the British refrained from purchases ahead of the election," Yelena Yurgeneva from Knight Frank said.

She also said that Russians' interest in London's premium housing market was connected with the appreciation of the ruble against the British pound.

The revival of prices for premium housing in London also motivates Russian buyers, Yurgeneva said.