Russian buyers accounting for 40% of top end homes for sale

Russian buyers account for 40% of Knight Frank’s top end homes for sale in excess of £10,000,000.

In 2005 Knight Frank and Seddons Solicitors produced a property buyers guide for Russians as a response to the increasing amount of Russian buyers in London. Designed to clarify the purchasing process it included information and advice on the London property market.

Two years on, Russian interest is no longer solely in the capital, but also further afield in the home counties. Many Russian buyers now want a country house: the ultimate status symbol. Knight Frank has reacted by updating its buyers’ guide to include a section about the home counties and new accompanying services.

2007’s guide explains important concepts such as the difference between leasehold, freehold and share of freehold; stamp duty; how to make an offer and the different bidding processes; money laundering, tax issues and off-shore companies and immigration and residency issues. A map of the home counties now appears as well as a map of London with paragraphs describing each area. The guide has a list of contacts of the top London hotels, while new services include listings of chauffeurs, helicopter companies and private airports.

The custom of the Russians is extremely important to Knight Frank. The two parties have a history of a successful and productive relationship. Knight Frank was the first international agent in Russian to offer both commercial and residential services and its expertise is widening; it now has two offices in Moscow and St Petersburg and over two hundred and fifty agents working in Russia.

Two examples of properties that would suit Russian buyers are an apartment in Trevor Square, London and Oldwood House in Surrey.

Trevor Square located in fashionable Knightsbridge, has attracted a lot of interest from Russian buyers. Situated on the third floor of a highly regarded development, it has 24 hour concierge and porterage and state of the art technology, all popular features with Russians. There is audio visual throughout and the flats have been interior designed to represent the best of contemporary luxury living. With three double bedrooms, an impressively large reception room (35 x 26 ft) and a terrace with views over Knightsbridge village, this apartment makes the ideal residence for the Russian in London.

Oldwood House, in the exclusive St George’s Hill estate in Surrey epitomises the perfect country residence for the Russian seeking English country life. Designed to impress, it is vast and built in Regency style. It not only offers plentiful accommodation (it has a master bedroom, with shower room, bathroom and four further bedroom suites) but also extensive state of the art facilities; it has a cinema, leisure hall with 50ft indoor pool hall, spa bath, billiard hall with bar area and gym. St George’s Hill is renowned for its spectacular mansions and attracts a lot of interest from Russian buyers, who crave the cachet that a residence in this enclave of the rich and successful has. It was originally created in 1911 by W G Tarrant, a reputable master builder, whose vision was to create “the most desirable place of residence within easy reach of London”.

Knight Frank comments: “International property investment can be a minefield, with different languages, processes, legal systems, cultures and currencies; throw in a different alphabet and one can see why Russian property buyers may be overwhelmed. By providing a straightforward, but comprehensive guide to the whole search and purchase process we hope that Russian buyers will feel more comfortable with our legal and conveyancing system”.