OpinionIndustry News

Russians eye New York real estate

From Global Edge

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Editor's note: This item is republished with permission from Global Edge Marketing Ltd. The original post can be viewed here. 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. The trend is no doubt influenced by high-profile Russians investing in the city. The country's richest man, Mikhail Prokhorov, is among those leading the way after reaching a $200 million deal to buy an 80 percent share in the New Jersey Nets basketball team. The National Association of Realtors reported that U.S. Realtors saw fewer foreign buyers in the 12 months to May 2009, but the rece...