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The Gold Coast Beckons Russian Investors
May 16, 2008 13:00


Investing in resorts and recreation zones seems to earn popularity easily and fast in Russia. Unfortunately Russia can’t boast numerous long sandy beaches and sunny days all year long. The region of Sochi is probably the only place in the whole country where sub-tropical climate and warm waves of the Black Sea create a unique resort attracting businessmen. No wonder, they search for other opportunities to purchase a house on the sea shore. Today the Gold Coast of Australia is their main goal.

Russian investors are famous for their incomprehensible desire for the most luxurious and extravagant things and are ready to pay millions dollars for something they like.

Russian investors are in TOP 3 list of investors in the region of Gold Coast, Queensland. According to the research conducted by Colliers International, the citizens of Great Britain spent $111.8 million on residential real estate. They surpassed New Zealanders and Russians, who invested $83.7 and 35.6 million respectively.


The Gold Coast

The Gold Coast has always beckoned money-bags from neighboring countries: New Zealand, Japan and China. E.g. in the 1980s the center the town was built with the Japanese funds alone.

However, the analysts witness a large inflow of Russian money to the region. On the whole Russian businessmen completed 64 transactions estimated at $35.6 million in 2007.

These figures are striking if compared to the similar rates in 2005-2006 – $12.7 million. Investing funds in residential real estate of the Gold Coast promises to bring high capital gains in future. Luxurious houses in the Sovereign Islands are in favour of Russian investors, mark the analysts from Colliers International.

According to the research, the Gold Coast accounts for $269.2 million of the total volume of $547.7 million foreigners put into the real estate of Queensland last year. Brisbane City, the capital of the state, happened to be the second popular place with $111.8 million of foreign investments.


Q1

However, it has become known that acquisition of real estate is not the only aim of the Russian businessmen – they prefer to trade at the real estate market, which is far not always approved by the Australian authorities. Some businessmen are suspected of tax evasion and even money laundering. Four Russian developers have entered the Australian market recently and their number is increasing.

Today a new elite housing project is being implemented by Jet Construction Australia owned by a Russian businessman. It will be built at the construction site purchased by the company last year and estimated at $2.3 million. The world highest residential building, 80-storey Q1, appeal to Russians as well – they have already bought the whole penthouse.

Many Russians say they feel doing business is much safer in Australia than in Russia. It’s not surprising any more that lots of Russians nowadays regard Australia as their second home.

Sources:

    BBC Russian
    www.russianrealty.ru
 

Olga Pletneva


Tags: Russian economy     

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