Buying Property in Russia

in Property

Russia is one of the largest countries in the world. With its strategic location on the upper parts of Europe and Asia and its natural reserves of oil and gas, Russian economy has soared since the middle 1990's and stayed strong over the years. Just like the Russian economy, the property prices have also ascended. Property market has risen annually by three percent until the first quarter of 2009, and climbed higher by up to twenty percent for economy-class housing and thirty percent for business-class housing for the next quarters.

 

Ownership of Russian properties has not been made possible until the legislation of the Land Code of 2001, which gives the local Russian residents and foreign investors the right to own and use the properties they bought. Why is there a great interest in investing on properties in Russia? It is because despite the high prices of property purchase, you can be assured of attractive gross yields in selling property in Russia or renting the property.

 

What property to buy and where is the suitable place to buy a property for an assured good return of investment? Apartments in Russia are probably some of the best property investments you can get, especially if you can find a property for sale. The most suitable place to buy a property is in Moscow, which is the center of business and commerce of Russia, though prices are more expensive in Moscow than other Russian cities.

 

You can also choose to buy a property in equally commercially-active but less expensive cities, such as St. Petersburg. However, although property investment in Russia may sound good, it is not easy to make the necessary procedures in purchasing and selling a property in Russia. Both the buyer and the seller have to present the required documents, such as apartment titles and floor plans among others, and make a preliminary agreement that characterizes the conditions of all the future transactions of the buyer and the seller. Then, they can sign the sale-purchase agreement with notary after the payment has been made.

 

You may even sell or rent your property in Russia without actually living or being there, but by just finding trusted Irish agents in Russia. You can sell your property through the real estate websites, for instance, ExtraSales, which caters mostly to Russian buyers. ExtraSales has established direct links all throughout Russia, as well as the permission to promote on Russian real estate websites. You may also want to advertise your property in SID or Services Ireland Directory, where you can also find Irish agents that will advise you on how to sell your property in Russia. SID is an online directory that serves the various needs of the Irish people. However, you cannot fully entrust your property in the real estate websites and property agents, and expect that your property will be seen and bought by prospective buyers. Although this may also be helpful, you should also find a real estate agent who has the expertise especially on the Russian property market to be able to sell your property in Russia.

 

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Buying Property in Russia

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This article was published on 2010/10/03