|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
"We analyze the video streaming experience. We are gathering the user behavior in real time from the user devices and we analyze how users experience the video streaming," explained Eric Kim, Founder and CEO at Streamlyzer, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 07:30 AM EST Reads: 760
"This is specifically designed to accommodate some of the needs for high availability and failover in a network managed system for the major Korean corporations," stated Thomas Masters, Managing Director at InfranicsUSA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 06:45 AM EST Reads: 535
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Dec. 10, 2016 06:00 AM EST Reads: 706
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 04:45 AM EST Reads: 1,096
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 04:30 AM EST Reads: 548
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Dec. 10, 2016 04:15 AM EST Reads: 1,390
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Dec. 10, 2016 04:15 AM EST Reads: 574
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Dec. 10, 2016 04:00 AM EST Reads: 5,526
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Dec. 10, 2016 04:00 AM EST Reads: 5,318
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Dec. 10, 2016 03:15 AM EST Reads: 502
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 10, 2016 02:45 AM EST Reads: 2,270
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 10, 2016 02:15 AM EST Reads: 803
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 10, 2016 02:00 AM EST Reads: 652
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 10, 2016 02:00 AM EST Reads: 1,995
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 10, 2016 01:30 AM EST Reads: 4,004