Unique Homes magazine recently sat down with Bob Hurwitz, president of Hurwitz James Company, for a fascinating discussion about the recent trend of foreign investing in the luxury real estate market.
While there are no specific statistics, it’s very clear that the BRIC countries – Brazil, Russia, India and China – are leading the way in multi-million dollar, foreign real estate investments. And Bob Hurwitz has seen this first-hand, as Hurwitz James Company has received an influx of inquiries on California listings specifically from potential Russian buyers.
Russian investors have held a prominent role in the upper-end segment of London real estate, but London is now becoming a second choice next U.S. hubs like New York. In fact, there is currently a disproportionate number of Russian buyers in the Manhattan $20 million-plus market. As Founder and CEO of Chase International, Shari Chase, told Unique Homes, “Even though they are strong negotiators, their spending habits are often more spontaneous.”
There are several factors that could be contributing to the recent increased interest in foreign real estate – especially in Europe and the U.S. – among Russian investors. First of all, getting a visa in the U.S. is fairly easy. Second of all, the political climate in Russia has made safe haven cities particularly appealing. Weather is also a factor that is making these U.S. and European cities looks quite glamorous compared to St. Petersburg or Moscow.
Pending contracts and new construction are suggesting that this trend is far from slowing down and will most likely be breaking into the $50 million price point. To read more of the Unique Homes article on foreign investing featuring interviews with Bob Hurwitz and other real estate authorities, visit the article online at content.uniquehomes.com.
Photo via Unique Homes