Russian investors increased their share of luxury-home purchases in some of the most expensive neighborhoods in London, Hamptons International said, as Russia Prime Minister Vladimir Putin looks to continue his presidency in March.
Russians accounted for 16 percent of all transactions in the Chelsea, Kensington, Knightsbridge and Belgravia neighborhoods handled by the London-based broker. That’s an increase of about 5 percent in the last three months.
Putin’s presidency faces the biggest challenge in the upcoming election since coming to power 12 years ago after allegations of fraud in the Dec. 4 legislative polls, and his voter support has fallen 37 percent.
Buyers from the U.K. accounted for about 42 percent of all transactions. 2 percentage poitns less than in the third quarter. Luxury homes have performed better than other parts of the U.K. real estate market, with values rising for 14 straight months and overseas buyers seek after safer investments and compete for a smaller number of properties for sale.