Russian currency crisis may affect Miami’s foreign buyers

Exchange rate makes properties twice as expensive for Russian buyers

New York /
Dec.December 26, 2014 01:15 PM

From the South Florida website: The economic crisis in Russia reportedly has the potential to impact Russian buyers in Miami due to imposed economic sanctions and the fall in the price of oil.

The exchange rate from rubles to dollars makes properties twice as expensive for Russian buyers and current condo owners, according to published reports. At the beginning of 2014, $1 bought 33 rubles, and today, $1 buys about 55 rubles.

Anita Funtek, a broker at the Boscolo Realty and CEO of the Miami New Construction Show, told Miami Today that the economic situation is helping many Russians make a faster decision on whether to buy.

“Their buying power is definitely shrinking as the ruble is falling, but as they have doubts in the future of the Russian economy, their motivation is higher to place their savings to a more secure country,” she told the newspaper. [Miami Today]Katherine Kallergis


Related Articles

arrow_forward_ios
Sovcombank board member Mikhail Vasilyevich Klyukin and renderings of 238 East 3rd Street (left) and 192 8th Avenue (right) (Sovcombank, Compass, iStock)
Sanctioned Russian’s disputed developer in attempt to “blow up” projects, suit says
Sanctioned Russian’s disputed developer in attempt to “blow up” projects, suit says
President Joe Biden (Getty Images, iStock)
House to Biden: Seize and sell Russian real estate
House to Biden: Seize and sell Russian real estate
From left: Ian Gorst and Roman Abramovich (Getty Images, iStock)
Tax haven moves to freeze $7B in assets linked to Roman Abramovich
Tax haven moves to freeze $7B in assets linked to Roman Abramovich
Search and seizure: oligarch edition
Search and seizure: oligarch edition
Search and seizure: oligarch edition
From left: Fridge No More CEO Pavel Danilov; Buyk CEO James Walker (LinkedIn/Pavel Danilov, LinkedIn/James Walker, Buyk)
Russian sanctions claim NYC rapid delivery startups
Russian sanctions claim NYC rapid delivery startups
(Getty, iStock/Illustration by Kevin Rebong for The Real Deal)
Russia’s war stalls US real estate deals
Russia’s war stalls US real estate deals
Steven Seagal  and Putin with Siskiyou County (Getty, iStock, Rmabrokers.com)
Action star, Putin friend Steven Seagal sells California ranch for $7M
Action star, Putin friend Steven Seagal sells California ranch for $7M
Two Russian billionaires shopping NYC properties
Two Russian billionaires shopping NYC properties
Two Russian billionaires shopping NYC properties
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...