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Russians, Arabs Boost London Luxury Home Prices
The prices for London luxury homes rose at a record monthly pace in March, Bloomberg reported referring to real estate broker Knight Frank LLC. The key reason of growth is tough competition of local financiers with buyers from Russia and Middle East.
The Russians account for 21 percent of all buyers of London homes that cost more than 8 million pounds, and buyers from Middle East cover another 13 percent. The Brits buy just 37 percent of such homes.
On average, the price for luxury housing stepped up 3.1 percent on month in March, while the annual increase reached 32 percent, which is the record of 28 years.
When it comes to Russians, the country’s richest Roman Abramovich spent 49.3 million pounds to buy six housing assets in London from June 2005 to August 2006, Bloomberg reported referring to The Daily Mail.
www.kommersant.com
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Photo: Alexey Kudenko