Chinese have started buying up property in Moscow after a surge of interest in Russia's real estate market starting at the end of last year. Those purchasing property with foreign currency were mainly Russians living in neighboring countries, but also included a number of Chinese.

Director of the Russia-China Center of Economic Trade and Cooperation Sergey Sanakoev said that it is completely understandable that those from former Soviet Union states would want to buy property in Moscow, but that experts did not expect to see Chinese buying Russian real estate.

“We think this is a temporary phenomenon. Because China's stock market rose quickly, many Chinese people have a lot of extra money and they need to spend. Many have decided to put their money in the Russian real estate market due to the devaluation of the ruble and the fall of housing prices,” said Sanakoev.

Foreigners have the right to purchase a house in Russia, and there are no legal restrictions on foreigners purchasing Russian real estate. It does not matter what kind of visa a foreigner holds. Foreigners who own homes in Russia must pay a homeowners tax of 0.3 to 2%, depending on their house size, quality and location. Foreigners must also pay a 30% sales tax when purchasing a home, unless they hold permanent residence in Russia.

Source: inews.qq.com

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Keywords: China Russia foreigners in Russia Moscow real estate Russia real estate