Hi Everyone,

Russian news program Vesti published the stats that analytics of the European Central Bank came up with and somewhat unexpectedly they say the following: the Russians own more real estate than any other European nations.

Approximately one third of Russians own more than one property (on top of their primary home): 15% own a vacation property, 12% own a second apartment and 10% own a plot of land.

At the same time in Europe in general just 23% of the population own more than one real estate property.

The maximum number of a bit more than 50% of the population owning a second property is in Cyprus (by the way, now Russians comprise a huge part of this little country’s population, right?). The minimum number of 6% of the population owning more than one property has been found by the quoted research in Holland.

Some countries are in between: Greece – 38%, Spain – 36%, Austria – 13%, Belgium – 16%.

Such prevailing numbers for Russian real estate owners can be in part explained by the fact that most Russians made their primary homes private during privatization. Plus, it is customary in Russia for parents to acquire dwellings for their children even before the children start their own families.

On the other hand, in Europe there is quite a different attitude towards real estate. Many folks are happy to rent and do not worry if they have no private property at all. Rather high numbers of owners with a second property in the sea-shore European countries can be explained by the fact that the other property is a vacation home at the beach (and again – a huge number of Russians buy just there, right?)

Well, in Russia a person who does not own his private dwelling is considered a complete loser. If he owns two properties he is much better off, but with three properties of his own he might think at last that life is perfect! So, with such traditions the number of Russian owners of real estate will only increase with time. And we do not talk here about commercial properties; it is only about family’s own residential and vacation properties.

Where and what kind of second, third and so forth real estate properties Russians will buy – these details are beyond the quoted research...

To your best business success,

Sincerely,