THREE years into the war with Ukraine, Russia’s wealthiest are increasingly bringing their money home, fuelling an unlikely rebound in high-end Moscow real estate.
Faced with fewer options to spend abroad as international sanctions force banks to crack down, many Russians are repatriating cash and parking it in the safe haven of domestic property. Others are using real estate as a hedge against inflation that has surged since the invasion of Ukraine, forcing the central bank to jack up rates to record highs.
“The screws are being tightened on people with Russian citizenship around the world,” said Ekaterina Rumyantseva, founder of Moscow-based luxury real estate broker Kalinka Ecosystem. “Everyone now realises that the safest place to keep capital is in your own country.”
