Russian Investors Buying Up Florida Real Estate
Russian Investors buying up Florida Real Estate. Uncertain times make us reach for things that we think are safe and familiar. Turns out, Russians think the same way. As the…
Russian Investors buying up Florida Real Estate. Uncertain times make us reach for things that we think are safe and familiar. Turns out, Russians think the same way. As the world’s economy shakes and sputters, wealthy Russians are buying real estate in Florida.
Realtors say the investors are buying condos that they will most likely never occupy as hedges against an unstable home country’s economy. Sanctions against Russia because of their invasion into Ukraine are making rich investors shelter their funds with American properties. Sunny Isles, Florida is being called Little Moscow these days due to an influx of Russian cash. Most investors will never even inhabit the homes, which is a bit odd. Still, Russian investors buying Florida condos still seems like a good place to put money.
Russians are selling assets at home and turning that cash into properties that cannot be seized by their government. The Russians also buy the properties as a corporation instead of private buyers, making ownership difficult to track back home. Source: WFLA.com
