|By PR Newswire||
|April 1, 2014 02:00 AM EDT||
FARO, Portugal, April 1, 2014 /PRNewswire/ --
Algarve property website Meravista has conducted an extensive analysis of Russian buying trends. They have produced a report which exposes the truth about what, where and why Russians are investing in European property and highlights what Portugal and other countries could be doing to increase their market share.
Russian interest in real estate, both domestic and abroad, has increased steadily over the last decade. However, this has led to a lot of conjecture among European estate agents. The western mentality creates the assumption that the typical Russian buyer will be spending an extravagant amount of money in the sunniest possible destination, with a keen interest in new citizenship. Meravista's research reveals that this is far from the reality.
Meravista has reviewed Russia-originated reports, research, websites and internet search almost exclusively, to develop a report based on the Russian perspective of buying habits, rather than the West's perception of why, what and where this nation is investing its money.
The investment buyer
Meravista's research shows that the key priority for Russian buyers looking to invest in foreign property is stability, making the UK the current number one choice, with Germany and France following closely behind. Affluent Russians seeking profit and status, account for 20% of all non-resident property purchases in London and Paris with an average budget of 5.5 million dollars.
Applying the same rationale of stability, Bulgaria, Spain and Portugal are considered the worst picks currently for investment due to economic uncertainty. However, analysts also acknowledge that the rock bottom prices of real estate in Spain and Portugal are actually a great opportunity to buy. They merely caution that it may take 3 to 5 years before prices rebound to allow a sale for profit. This appears to be a more realistic take on the majority of Russian property purchases.
The holiday home buyer
More than half of all Russian purchases are for a second home.
Along with the recent spread of wealth in Russia, the nation's 'Life in two houses' tradition of owning dachas (summer houses) in the countryside has reached the middle class. The difference today is that Russians are now enjoying the opportunity to have their dacha in a foreign country. Typical price ranges preferred by Russians, are between €100,000 and €200,000 regardless of country.
More than 95% of all purchases involve the Russian buyer retaining his or her existing home in Russia. This indicates that residency and citizenship in the EU does not appear to be an objective for the majority. That being said, the recent crisis between Ukraine and Russia has seen a large increase in UK property inquiries from wealthy Russian buyers seeking the possibility of relocation to avoid the consequences of economic isolation by the West.
When Meravista surveyed agents in the Algarve, asking whether they had dealt with Russian buyers in the past 15 months, it received a mixed response. The majority reported few or no enquiries from the Russian market. A few said that the Russian clients were here to take advantage of the Golden Visa programme.
Where they are putting their money
Portugal's Agency for Foreign Investment and Commerce (AICEP) lists Russia as the 21st out of 55 listed countries making direct investment in Portugal. The leading property portal in Russia, Prian.ru, reported the top 30 countries Russian buyers went for in 2013. Bulgaria, Spain and Germany topped their list with Portugal ranking 20th overall and the UK 22nd. Prian.ru's numbers, however, are merely a reflection of the inventory of that portal.
A more democratic approach is the measure of search volume for foreign property on Yandex.ru, Russia's largest search engine with a 60% share of the search market in that country. Using a Cyrillic broad term search on Yandex.ru for real estate and country, Meravista finds the actual interests of Russians to be somewhat different, with Bulgaria and Spain still on top but Portugal ranking 15th overall and the UK 32nd.
Even though Spain and Portugal share similar economic problems, culture and geographic location, the Russian public prefers Spain vastly more than Portugal. This is in spite of, as reported by Meravista, the reality that the cost of Portugal property is much lower than Spain's. The reason that buyers are targeting Spain, is the property listing saturation of Spain, Bulgaria and all other front runners in the property portals of Russia such as Prian.ru.
Russian property portals are dominated by the listings of estate agencies from countries who have taken the initiative to broadcast their properties there. Portugal is not one of those countries.
Meravista is currently listing over 14,000 properties for sale in the Algarve. Nearly 6,000 of these fall within the €100,000 to €200,000 price range. This alone indicates an opportunity for Portugal to target Russian buyers. But, for Portuguese estate agents, or any other country's agents for that matter, to succeed in the Russian market with its new wealth, a demand must be created where none currently exists.
Meravista is the world's largest property portal devoted exclusively to the Algarve. It brings visitors the latest state-of-the art search technology, making it easy for to find their perfect property in the Algarve.
Property buyers can search for their retirement Quinta in Tavira, luxury villa in Quinta do Lago, a second home in Lagos or a beachfront apartment in Vilamoura.
They can choose their favourite location on the map, select their desired criteria, and see the Algarve properties that fit the bill:
- View maps, listings and property details at the same time
- Over 300 standardised property details
- Compare properties side by side
- Save favourite properties and searches
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 29, 2017 04:30 PM EDT Reads: 1,624
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 29, 2017 04:15 PM EDT Reads: 3,850
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 29, 2017 04:00 PM EDT Reads: 3,163
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Mar. 29, 2017 03:15 PM EDT Reads: 689
Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls "Bimodal IT," where business struggle to apply modern tools and practices to traditional monolithic applications. But these existing assets can be modernized and made more efficient without havin...
Mar. 29, 2017 03:15 PM EDT Reads: 2,636
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...
Mar. 29, 2017 03:15 PM EDT Reads: 271
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 29, 2017 03:15 PM EDT Reads: 2,211
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
Mar. 29, 2017 02:30 PM EDT Reads: 675
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
Mar. 29, 2017 02:30 PM EDT Reads: 3,807
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 29, 2017 02:30 PM EDT Reads: 2,272
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 29, 2017 02:15 PM EDT Reads: 3,253
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 29, 2017 01:30 PM EDT Reads: 1,748
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Mar. 29, 2017 01:30 PM EDT Reads: 543
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 29, 2017 01:30 PM EDT Reads: 2,250
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 29, 2017 12:45 PM EDT Reads: 746