One of Russia’s most in-demand residential enclaves is called the Golden Triangle in St. Petersburg and now is the time to get in, local real estate agents say.
“Because some of the buyers hold part of their funds in foreign currency, the purchase of homes in Russia has become more affordable compared to the same period a year ago,” Knight Frank agent Ekaterina Nemchenko told Mansion Global. According to her, investors typically range from oligarchs to foreigners.
With the country’s weakening currency, foreign investment in real estate has ticked up this year with prices in the area now hovering between about $1,700 per square meter to upwards of $26,600. The area used to be home to Russia’s nobility before the country’s 1917 revolution.
Despite the area’s storied past and proximity to major history and cultural landmarks in the city, most investors rent their properties out after purchase, Nemchenko said. [Mansion Global]—Erin Hudson