Russian buyers are pulling out of the high-end London property market, with sales of homes costing £5 million or below being hit by a 70% decrease in the number of buyers from the country, according to Christie’s International Real Estate.
In contrast, sales of homes in the £20 million plus market have not been hit by any such exodus, and continue to attract Russian buyers.
Giles Hannah, of Christie’s, said the two markets were performing quite differently. He described the £20 million market as solid, but said the £5 million market was seeing a sharp drop in Russian buyers as difficulty in transferring funds and concerns about sanctions weigh.
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