And, with Russia's oil-fuelled boom under threat, it's not Russian property they're keen on, but overseas, and Spain's Bolt Property Group is already feeling the effects.
Russia's RTS index has seen 46% of its value wiped since a peak in May of this year (this translates to a paper loss of around $700 billion for Russian companies) so the rush is on to find alternative investments and luxury villas in established markets top the list. Hadleigh Bolt of Bolt Property Group, constructors of multi-million euro villas in Spain's elite La Zagaleta, has this to say, "We've seen a certain rise in the number of Russian nationals expressing interest in our bespoke properties. Only last week I hosted a Muscovite with a limitless budget to acquire a very special property."
"Somewhere like La Zagaleta offers enormous appeal to affluent Russians due to its heightened security measures, stunning countryside environment, abundant facilities, easy direct air access to Málaga and of course year-round warm weather. Plus, they won't be buying off-the-peg with Bolt Property Group, layouts and finishes can be tailor-made to suit their needs, this alone ranks us head-and-shoulders above our competitors in the mind of a Russian purchaser."
Tailor-making is undoubtedly important to the Russian buyer. Moscow is home to the largest number of billionaires in the world and with that kind of buying power it's nice to choose your home rather than acquire a completed property built to someone else's taste. Bolt Property Group offers limitless choice in finishings and is able to source the world's most exclusive materials from flooring to cabinetry. Clients have the possibility to enter the process from the start, choosing the plot, orientation, views and then moving onto architectural style, floorplans before determining the finer details of kitchens and furnishings.
Hadleigh finishes, "To give an idea of the extent that Russian purchasers are prepared to go to acquire their ideal home, a recent guest to La Zagaleta found the perfect plot for his new home, but it just happened to have a price tag of 11 million euros as there was already a completed property in place. This proved to be no obstacle as he was happy to pay the price tag for location alone, then bring in the bulldozers and create a dream villa from scratch. Anything is possible with the right budget. Once complete, the opulent mansion should have a market value in the region of 30 million euros, a shrewd investment."
