As the closing ceremony of the XXII Winter Olympics and Winter Paralympics approaches in Sochi, participating countries are frantically counting their medals in order that the overall victor can be declared. Yet while the media’s focus has been on those being recognised for their sporting prowess in Sochi, Russia has been creating an entirely separate table of global winners through its citizens’ overseas property interests. So which countries are the biggest winners?

• Gold for Bulgaria as Russians become its largest source of overseas buyers (Idinaidi)
• Turkey attracts second largest number of Russian buyers, thanks to 3.6% projected growth in 2014 (EBRD)
• Spanish property searches are up by 55% in the last month (Idinaidi)

Taking home the gold – Bulgaria
Located almost directly westward across the Black Sea from Sochi is Bulgaria. Nearly 350,000 Russians are estimated to currently own properties in Bulgaria and the number is estimated to be growing by around 10% each year.

Carlo Walther, COO of Russia’s fastest-growing property portal, Idinaidi, comments,
“Bulgaria has been attracting Russian interest in its property market for some time, to the point that Russians are now the main source of overseas buyers in Bulgaria. Real estate there is still fantastic value, making it a popular choice with buyers with budgets typically around €60-70k.

“Bulgaria is also close enough to Russia that those buying properties there can benefit from easier access to home than from many other countries. We’ve witnessed a snowball effect there in recent years – as increasing numbers of Russians have bought property there, even greater numbers have been begun to view Bulgaria as their destination of choice, encouraged by the strong community ties that exist there.”

For the silver – Turkey
Long established as Russians’ favourite holiday destination when it comes to holiday homes overseas, Turkey has become increasingly popular with Russian buyers in recent years. With beautiful scenery, hot summers, mild winters and easy access to the sea from pretty much anywhere in the country, Turkey is perhaps unsurprising in its popularity. As with Bulgaria, it benefits from close proximity to Russia, making it popular with those whose budgets are less eye-watering than London’s Russian millionaires.

Property in Turkey is cheaper than in many parts of Russia and the cost of living is low. While the super-rich may be enjoying their view of the Thames or Central Park, many Russians with more modest expenditure limits are looking to take advantage of the capital gains made available by a growing economy (EBRD’s latest Regional Economic Prospects report has projected 3.6% growth for Turkey in 2014). The enhanced prestige of owning a second home abroad is also not lost on many of the Russians who are looking to Turkey as their preferred overseas location.

In bronze position – Spain
A little further afield, Spain has captured the attention of Russians looking to take advantage of its sun-drenched location, depressed property prices and golden residence programme. Idinaidi’s Carlo Walther explains,

“Spain is seen as enticing to many Russians due to its ‘golden visa’ arrangement, which permits non-EU citizens to obtain residency for themselves and their immediate family in return for investing a significant amount of capital.”

Searches for Spanish property are up by 55% in the last month, demonstrating the Iberian country’s importance in the eyes of Russians looking for second homes or for a permanent residence in Europe.

And the runners up are…
According to Idinaidi’s Carlo Walther, a number of other overseas locations are also popular with Russian buyers, including Greece and Montenegro. He comments,

“The overseas property market has been attracting Russian attention for a number of years and we’ve found that Idinaidi’s overseas listings are particularly popular with those looking to buy a second home in the sunshine, as well as with Russians who are planning to emigrate. Though the oligarchs may be grabbing the headlines with the vast sums they are prepared to pay in cities like London, Paris and New York, the real story is that of the hundreds of thousands of middle-income, budget-conscious Russians who are snapping up bargains overseas in places like Bulgaria, Turkey, Spain, Greece and Montenegro.”

So while the Sochi Winter Olympics and Paralympics continue to gather momentum, it’s clear that Russia will go on producing winning countries long after the closing ceremony draws to an end.

For more information visit Idinaidi at www.idinaidi.ru.

If ever there is an opportunity for a nation to showcase its wealth on a global stage then the Olympic Games is it. And as hosts of the XXII Winter Olympic Games, Russia is doing just that.

The fact that these are the most expensive Olympic Games in history coming in at $50 billion, is reflective of the vast amounts of wealth held within this nation and the desirability of foreign companies to secure their serving of this ‘Russian caviar’.

International real estate developers and agents are particularly keen to tap into this highly lucrative market as the fondness of wealthy Russians to own a second home in Europe and further afield in the Middle East is well documented.

The latest data from Knight Frank in facts reveals that Russians bought 8.5% of properties in London worth more than £2million between March 2012 and March 2013 with appetites rising quickly for luxurious second homes in Spain, Cyprus, Bulgaria and Egypt.

This is a trend which Carlo Walther, former head of Rightmove Overseas and now COO of Idinaidi, the fastest growing property portal in Russia, is experiencing first hand. From his offices in Moscow he comments,

“Russian demand for overseas property is booming, and Russians are already well established as the number one buyers in Bulgaria where over 350,000 holiday homes have already been bought by Russian nationals.

“We´ve seen traffic to our overseas section grow by over 50% month on month since launch. The top locations are Bulgaria, Turkey, and Spain. Owning a second property outside Russia is still deemed a sign of success and the demand shows no sign of abating.”

With that in mind and in order to supply these hungry Russian eyeballs with ever more global property choices, Idinaidi has appointed leading international property PR agency, AB Property Marketing to spread the word amongst agents and developers in the industry.

Charlotte Ashton, MD of ABPM, comments,
“The team and I are delighted to be working with Idinaidi; since the economic downturn began we have seen the rise of the Russian buyer both here in prime central London as well as further afield in top destinations such as Marbella, Paphos and the Black Sea. From speaking to developers and agents across the industry, successfully tapping into the Russian market is high on their agendas for 2014 and now with Carlo’s overseas property portal experience and expertise, Idinaidi presents the ideal lead generation solution.”

For those working within the media, Idinaidi too can offer a rare, impartial insight into the Russian market and buying trends. Boasting over 560,000 sales and rental listings not just in Moscow and St Petersburg but 120 cities across Russia and beyond from 7,000 registered professionals, their market data is second to none.

Combined with being the home of the most read real estate blog in Russia, as well as being the most followed real estate site on the country´s social networks, Idinaidi is an invaluable tool for journalists looking for the latest, on the ground information on the Russian market and its buyers.
To find out more visit Idinaidi today at http://www.idinaidi.ru/; you can also follow them on Twitter or Like them on Facebook.

February 7th 2014 will see the opening of the most expensive Olympic Games in history, when the $50 billion XXII Winter Olympics and Winter Paralympics begin in the south-west Russian resort city of Sochi.

• Russia’s fastest growing real estate portal sees Sochi searches up 177% in one month (Idinaidi)
• London’s Olympic Park area property values rose 45% from 2005 to 2013 (Lloyds TSB)
• Almost 2 million properties built in Russia last year (Idinaidi)

Perched on the Black Sea coast, Sochi is one of the few areas of Russia to enjoy a subtropical climate, meaning it has long been one of the country’s most popular destinations for holidaying Russians. Now, thanks to the huge investment and considerable excitement resulting from the Olympic Games, Sochi is looking to take its place on the global tourism stage.

Standing as far to the south as Nice, on the French Riviera, Sochi’s balmy climate and palm tree-lined walkways make it one of the nation’s most attractive cities and often dubbed, “the St Tropez of Russia.” A plethora of cultural attractions and delightful parks add to Sochi’s charms, as do the world-class sporting facilities that the Olympic development – the largest construction project in post-Soviet Russia’s history, according to The Economist – has provided.

The impact of the Olympics on Sochi’s property market has already been noticeable. From Russians looking to purchase second homes, to tourists wanting rental property during and after the Games, Sochi is the hot property location in Russia at the moment.

While interest has been steadily rising over a number of months, it has rocketed in the last few weeks. Russia’s leading property portal Idinaidi had reported a significant increase in searches for Sochi property on its site during the past several months, with a 177% increase in the last month alone. Idinaidi’s COO, Carlo Walther, comments,

“The Sochi Olympics effect has been dramatic, with both domestic and international property searches booming over the last several months. Sochi has some fabulous new developments, as well as more traditional Russian properties, so they city has something to suit every taste and budget.”

Looking back to the London 2012 Olympic Games, the long-term effect on property prices is clear. Data from Lloyds TSB showed that property prices in the 14 postal areas closest to the Olympic Park rose by an average of £92,000 between 2005 and 2013 – representing an astonishing 45% growth rate.

It’s a trend that Idinaidi, as Russia’s fastest growing real estate site, is seeing replicated in Sochi. Carlo Walther continues,

“We’ve seen in London that house prices in the 14 areas closest to the Olympic Park have risen by an average of 10% since the Games were held. This is one of the reasons that there is so much interest in Sochi currently, a well as during the past several months – not only for the rental opportunities arising during the Games, but also for the capital gains to be made in the years following.”

With over 8,500 apartments, 400 houses and 200 plots of land listed – apartments being by far the most popular form of accommodation with Russians – Idinaidi is excited to see the impact that the Olympic Games are having on Sochi’s property market.

As a portal covering the whole country, the company is also interested in the effect that the Olympics are having on the wider sector. With the private property market still in its infancy in Russia, each year brings new developments. 2013 saw some 4 million private transactions take place and almost 2 million properties built. 2014’s figures promise to be equally fascinating.

With the world’s eyes on Sochi over the coming weeks as Olympians pit their sporting abilities against each other, it is perhaps the underlying story of Russia’s emerging property market that will be the ultimate winner.

For more information visit Idinaidi at www.idinaidi.ru.