Many overseas property agents could will and should be excited by a new event announced this week. Global Edge have partnered with AiGroup — the Russian media company behind Russia’s biggest overseas property portal (1-property.ru) — to set up and host Russian Summit, a chance for the world’s overseas property agents to learn about the Russian market, and importantly to gain contacts that will refer business in a mutually beneficial arrangement. It could well become known as an important event for the industry.
The collapse of British demand for overseas property crippled many markets, not least Dubai, Cyprus and of course Spain. The latter split into regions gives even more locations that felt the severe pain of the British-buyer exodus.
Even now demand from British buyers is at nowhere near the same levels as seen in the run up to the 2008 crash, and of the overseas property markets that are leading the recovery, Russian buyers is a common phrase that we are hearing.
Of course Russian buyers are no new phenomenon. They became a big and growingly important market in the overseas property world towards the latter part of 2007 and into 2008.