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Russian Buyers of Real Estate in South Africa: Case Study
September 01, 2023
Some years ago, before covid and sanctions, I received a couple of inquiries from real estate sellers and realtors from South Africa - they were interested in Russian buying market for their properties. I performed a quick search and honestly replied that their destination is not very popular among Russian buyers...
I'm subscribed to many sources of international real estate buying and selling trends all over the world, and now can tell you how the situation has changed for South African real estate in the eyes of Russian buyers. Below is some news of summer 2023.
From CapeTownEtc (Cape Town, as the seat of Parliament, is the legislative capital of SA): Real Estate Agencies See Uptick in Russian Interest in Cape Town Properties.
"There has been an increase in Russian interest in properties along Cape Town's Atlantic Seaboard. We are seeing enquiries in the R10 million to R20 million price bracket too. Russian buyers are specifically drawn to suburbs such as Camps Bay, Fresnaye, and the Waterfront. It is the highest volume of interest that he has seen from Russian buyers over the past few years. They obviously see property on the Atlantic Seaboard as a good investment."
From News24/Business: Russians Paying Millions for Cape Town Properties, Says Agent.
"For example, a Russian buyer recently invested more than R70 million in a property in Fresnaye on the slopes of Signal Hill."
From 2OceansVibe (the biggest solely owned online news platform in South Africa): Russians Have Become Increasingly Interested in Property Along the Atlantic Seaboard.
"In fact, this year has seen the highest surge in Russian interest in property in some of South African most luxurious areas. Because European countries have suspended visa issuance and restricted immigration rules for Russian citizens since the Russian President's invasion of Ukraine, it makes sense that they're rushing to our shores, where the rules seem to hardly apply."
We have already talked about how shutting down some old popular destinations for Russian real estate buyers can actually open new destinations - for international investors and their finances it's like water pouring through and around anyway when there are obstacles on its way... Thus, Russian buyers are looking for new venues nowadays.
May your country become one of those new destinations for Russian investors in international real estate?
To your best business success,
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