The Real Deal Miami

The Russians are coming back

July 16, 2009 03:13PM

Surging commodities, falling property prices and a weaker U.S. dollar are pulling Russian buyers back to American real estate. Edward Memelstein, a lawyer involved in many high-priced property transactions, said Manhattan and Miami are popular locations for rich Russians to buy real estate as the ruble continues its rally against the dollar. The ruble gained 13 percent on the dollar from its low on February 17. With price cuts of 30 to 40 percent, U.S. real estate looks attractive.