Russians eye New York real estate

From Global Edge

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Russian property buyers and real estate funds are returning to the New York real estate market reports The Moscow Times.

Although New York City’s real estate prices may fall in the short term, analysts say Russian buyers view the city’s property as a long-term and low-risk investment with a promise of U.S. dollar earnings. Russians are notoriously wary of putting their money in domestic banks since the 1998 banking crisis resulted in huge losses for investors.