The number of Russians buying homes in London has fallen by 70% as the rouble continues to collapse.
Ordinary Russians living in the UK and being paid from Russia in roubles have ben hit hard by the currency collapse and have accounted for part of the drop in sales.
But, according to Mishcon de Reya the oligarchs are doing fine. Kamal Rahman, head of its immigration group, said that the decision to double minimum investment needed for a Tier 1 investor visa to £2m, and the top tier of stamp duty being raised to 12%. has done little to dissuade those interested in homes worth £20m plus.
Meanwhile Sergei Pugachev, once known as Putin’s banker, has lost an appeal to overturn a court order freezing his assets of up to $2bn.
The Times, 11
FT Weekend, 2
Daily Telegraph, 33
