Expensive mortgages pushed the Russians to buying a home abroad

For the Russians acquire ownership of apartments, villas, land plots for construction and other real estate abroad is increasingly becoming an alternative to buying the same in their country. Realtors believe that we can speak about the formation of the Russian market full of foreign real estate with all the "attributes" - developed by supply and demand, companies, professional-oriented work on this market, specialized publications, aggressive advertising, etc. "There are various data on the growth of the market, whose volume is estimated at $ 7 billion a year" - said the TV channel RBC in the "Capital" head of the Cypriot construction company Lemestia Sergei Kozlov. Most experts believe that last year the market grew at times, or 25% compared with 2004. But the numbers are approximate, since the vast market includes dozens of countries, and many offer services of foreign and Russian companies and banks that are reluctant to share information. But the fact that this phenomenon is widespread and the market is booming, experts say with complete confidence. Last year, the greatest demand was observed in Spain - 21%, Cyprus - 19%, in Turkey - Bulgaria and 16% - 13%. Summer prices a year ago in these countries can not be called "biting" with Spain and Cyprus - two thousand dollars per square meter, Bulgaria and Turkey - two times less, respectively, 1.0 thousand dollars and 900 dollars on other countries accounted for 31% - Montenegro, Czech Republic, Croatia, Finland, Italy, France, etc. As you can see, most purchases occurred in the resort countries, which account for most popular major tourist traffic. Interest in buying a home abroad is associated not only with the advent of free money in a growing economy and increasing wealth, but to a large extent with the ability to travel. Experts believe that it is important for the Russian people with their own eyes see, what, where, how, and "how much" real estate in other countries, word of mouth to know that there are practically no limits to its acquisition by foreigners. Growing demand, not only by Russians, has done his job, and this summer wishing to acquire a "wall" in the above-mentioned countries, experts advise for the same amounts to change dollars into euros. Galloping prices in the domestic real estate market, an unstable dollar, the desire to save the savings from inflation, the opportunity to make a lease and an understandable desire to have a house in a calm blue sea in the country to encourage compatriots purchases. But for many people becomes the determining factor is that most foreign countries, where the Russians buy real estate, provide a significant advantage, which is not yet in the Russian Federation - a cheap mortgages, cheap loans. Loan against 2.5-4% per annum for 15-30 years or more - a great incentive to buy inonedvizhimosti. These rates can be as long as the Russian bankers dream only in a nightmare. "Abroad offers our citizens that is not available in the Russian market, for example, affordable and cheap mortgages" - says the managing director Gennady EstateService Aces. Note also the presence of management companies that are able to engage in property rental without the direct involvement of the owner. Its choice determines the investment attractiveness. And according to the head of the department of foreign real estate corporation "Best-property" Julia Titova, the specificity of the foreign leasing is that the objects are popular in a certain period of time. So, on the coast they are in demand during the tourist season, usually from May to September, the ski facilities also has its own seasons. "People often do not know what they want - or rest there themselves, or rent. One has to choose what is primary and what is secondary, "- she said. Not comparable income, which can be obtained from the rental property, for example, flats in other countries and apartments, located in Moscow. Rents are generally much higher than in Moscow. Nevertheless, there is a tendency purchase of apartments, villas etc. for subsequent lease, transfer in trust, re-sale. As for mortgages, the most Russian buyers have to deal with foreign banks located in countries where it is supposed purchase. Therefore an important issue documentation, especially the order of purchase, payment and documentation. If you originally planned to take shelter in the lease, the experts advised to study the market, understand the country in which profitable, safer and more convenient to do so, including from a tax perspective. And be sure to use the services of lawyers - local and Russian. "We have a case to arrest the real estate acquired outside the Russian Federation related to some unwitting buyer's breach of the law of other states", - said partner MCA "Barshevsky and partners," Vladimir Bukarev. As a result, this property is blocked, because the owners are asked or confirmation of the origin of the money paid if their taxes. Because if it is not proven, these actions could be considered as a means of legalization, and the object can be confiscated to the state. Or compliance with currency legislation of the Russian Federation as well as open in principle to buy property outside of Russia was made possible in the past two years. There are countries where you can not buy property if the buyer does not expect to live there. For example, in Geneva, you can not buy an apartment, if it is the second housing. There are countries where you have a problematic legislation on leases. In particular, in France, if the person acquired the property and plans to take it, there may be situations where due to improper preparation of the contract impossible to evict the tenant, the law protects him. And as long as the tenant hired on their own would not leave the apartment, he can be there. And in this period, he can, citing a lack of money and not pay. There were a number of cases in France, said Vladimir Bukarev when Russian citizens buying real estate, but not entirely true decorated the lease relationship, and is now almost impossible to evict a tenant. As a result, are maintenance costs, but no income from the ownership of this property really does not.