Categorized | International

Russian Billionaires Purchase Multiple Estates in the United States

Please Share!

Foreign investors continue to actively pursue the real estate market in the United States, and are making major purchases. In the most recent case, Roustam Tariko, a Russian billionaire, purchased a home on Star Island in Miami Beach for an astounding 25.5 million dollars.

Tariko isn’t the only Russian billionaire to own a place on Star Island, as Vladislav Doronin bought Shaquille O’Neal’s previous home on the island for 16 million dollars in 2009. For the super-wealthy across the globe, the purchase of these U.S. Estates has become a status symbol of sorts. With the bleak state of the U.S. housing market and economy, these properties are being considered a bargain, and are being used by these foreign investors as vacation and business properties.

The majority of the multimillion-dollar properties targeted by foreign investors can be found in New York, California, and Florida. In the past year, Russian composer purchased a condominium in New York City for 48 million dollars, and British heiress Petra Ecclestone bought an estate in California for 85 million dollars. These huge purchases reflect the twenty-four percent increase in the home purchases made by international investors. An estimated eighty-two billion dollars was spent on U.S. homes by international investors over the past year.

The majority of these investors are coming from emerging nations, such as India, Russia, China, and Brazil. These purchases are actually indicative of the growing number of billionaires overseas. As the U.S. dollar continues to decline in value as compared to the currency of other nations, such as Russia and Brazil, these tremendous estates have become a great bargain for these international tycoons.

Please Share!

About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

Leave a Reply

Twitter Chat