Russian oligarchs prepare to return to London.

London real estate agents prepare for the return of Russians to the UK property market

Real estate agents in London are expecting Russians to return to the UK property market due to a ceasefire in Ukraine. Many Russians with significant funds left for Dubai and Turkey instead of purchasing properties in London when sanctions were imposed. However, if a ceasefire agreement is reached between Russia and Ukraine, it could unlock demand from Russians.

Paul Finch, director of Beauchamp Estates, reported that the Russians they are talking to want to return to the London property market. They would prefer London over Dubai. For the last three years, Russians had no alternatives, but now they would like to spend their money here as soon as the sanctions are lifted. They enjoy the culture and atmosphere of London.

Before the war in Ukraine, Russians were actively buying properties in London. They owned London real estate worth 1 billion pounds sterling. Among the notable owners were Roman Abramovich, who had a portfolio worth 250 million pounds sterling, and Mikhail Fridman, who owns Athlon House.

Currently, the UK, along with the EU, has been imposing sanctions on Russians since the invasion of Ukraine. However, if the sanctions are lifted, Russian buyers will return to London. Nevertheless, some real estate agents doubt this will happen anytime soon.