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Hot Property: Real Estate in Russia


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There are many views on Russian property to consider.

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Walking distance to Metro and all main attractions.
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Almost every day honors a Saint in the Orthodox Church.

Stretching across both continental Europe and Asia, and spanning a massive 10 time zones, Russia is a great land of upotential opportunities. Indeed, the international real estate market has just begun to pay attention to the massive expanse of the Russian Federation, and the most attention remains focused on Moscow and its surrounds.

However, given the real estate boom in Moscow and the accompanying astronomical prices, many eyes have accordingly turned to picture-perfect and more affordable St. Petersburg, and also the Black Sea resort of Sochi and nearby Krasnaya Polyana, the anticipated site of the 2014 Winter Olympics.

Yet why Russia, and why now? Apart from the interest generated by the developments in preparation for the Winter Olympics, Moscow is at the forefront of investor attention due to an oil-fueled economy and unprecedented consumer spending growth. Prices have tripled in central Moscow since 2002, although this surge subdued somewhat in recent years.

If you're a foreigner looking for an apartment in Russia, you can rest easy as there are no restrictions on foreigners buying residential property and land can be purchased throughout most of Russia. However, you will have to search for cheaper options, perhaps in the newly developed regional suburbs, which may not appeal so much to the buyer abroad. Individuals can acquire property, however if you’re looking at creating an investment, then a company can provide a welcome tax break on rental income. If you'e intending to sell a property, be aware that up to 30% of the sale can be taxed for non-residents. Locals pay 15% in capital gains taxes.

The information in this article is intended as general guide, and by no means should be interpreted as investment advice.



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