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Buying Property

Russia - Buying Property


Although few expatriates buy residential homes in Russia, there are no restrictions on the purchase of property by foreigners. Property in Russia currently represents a good investment as house prices are rising rapidly and there are currently many properties for sale. Prices in Moscow trebled between 2002 and 2005, although the rate of increase has recently slowed a little.

In Moscow prices for the types of apartments and houses bought by foreigners range from around US$150,000 to US$500,000. Properties can be rented out for a return of around 9-11%, plus capital growth. The mortgage market is only just opening up, and is expected to boost house prices even further.

Much cheaper properties can be bought outside Moscow, including St Petersburg. It is possible to buy a house in a country village for little more than $1,000.

In Russia property transaction costs such as registration of the contract are usually covered by the buyer, but these rarely exceed US5,000. In addition, property agents normally charge the buyer 2-4% of the purchase price. Non-residents are required to pay a tax of 30% of the sale price on selling the property.


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