The number of Russians registered with Christie’s International Real Estate as being interested in buying London properties is down 70% over the course of a year, Giles Hannah, a senior vice president at the firm, said.
Mr. Hannah said the impact is likely to intensify as sanctions kick in, and noted that banks were limiting what many of the parties could withdraw. Properties priced at under £10 million have been particularly hard hit, but “oligarchs are still spending,” Mr. Hannah said.
Russia has been hit by sanctions imposed against it following its incursion into Crimea earlier this year, and more recently by the ruble’s sharp fall in value, which the country’s central bank is trying to address by raising interest rates and buying back the currency.
Meanwhile, Beauchamp Estates said it has seen an up-to 10% rise in purchases of high-end London homes by Russians since the ruble began weakening a year ago. Its founder, Gary Beauchamp, said he had around half a dozen Russian clients looking to spend £20 million on a central London property.
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The Daily Telegraph, p. 1
