Russian Millionaires Return to US Real Estate
Posted by: admin / Category: International Real Estate, New York Real EstateRussian millionaires are returning to the United States property market, lured by distressed sales and the ruble’s rise against the dollar, lawyer Edward Mermelstein said.
“The way many look at the United States right now is that it’s a bargain,” said Mermelstein, who has arranged about 300 real estate deals for buyers from the former Soviet Union since 2007.
Manhattan apartment prices dropped for the first time since 2002 in the second quarter as the collapse of Lehman Brothers Holdings and Bear Stearns caught up to property owners in the United States’ most expensive urban market.
The ruble has rallied about 13 percent against the dollar from this year’s low in February.
via The Moscow Times | Issue 4192 | Business | Millionaires Return to US Real Estate.
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