Russians Seeking Overseas Homes

As Russians continue to search for the best ways to invest their new-found wealth, holiday homes abroad have become a favourite way to diversify their portfolios. The current global financial crisis may be affecting property markets around the world but it is not affecting Russian interest in investing overseas.

Russian overseas investment has traditionally been centred in western Europe and the Mediterranean which are geographically close to home. Lately, southern European markets like Cyprus, Bulgaria, Turkey, Croatia and Montenegro have become extremely popular with Russian buyers. A recent New York Times article stated that a remarkable US$13 billion has recently been invested by Russian developers in the small Montenegrin town of Budva.

The article also states that one young Russian millionaire developer, Vyentseslav Leibman, is making an investment of US$310 million. His plans include a 27-floor modernist hotel, high-end seaside villas and a marina where the new Russian super-rich can moor their fashionable yachts.

Despite the financial crisis, “the money keeps coming,” said Leibman. “And hopefully, the global crisis will help sober up the cost of land here, which is now more expensive than Monaco.”

Even before the credit crunch, Russians generally preferred to use their savings to buy off-plan or new developments in near emerging overseas markets. Russia’s neighbour, Finland, is one of these areas of interest, especially with residents of St. Petersburg. Russians buy housing near the border as well as in the costal areas in the south east of the country.

Above all, the over-inflated real estate market in Russia makes foreign purchases appear extremely attractive for those with the money. “For the same price as a run-down one-bedroom flat in St. Petersburg, you can buy a turnkey flat in Cyprus or three-bedroom fully decorated flat with built-in domestic appliances in Turkey, and the house will be close to the sea,” stated one Russian property expert.

James Gonzalez, Market Analyst at Obelisk, sees the Russian expansion into overseas markets as a logical step towards diversifying investment portfolios that, until lately, were largely concentrated within Russia.

“The recent slump in commodity markets has negatively affected Russia and with the general loss in confidence investors are experiencing in banks, Russians have been testing the international waters and finding out that investing overseas is not only profitable but also safe and reliable. Once they make the initial purchase overseas and see how easy it is, it becomes a simple process to repeat.”

For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).

Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com./

For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.

Zell Says Brazil is Best

Property guru and billionaire, Sam Zell, continues to vouch for Brazil as one of the world’s hottest investment spots. Speaking at the Real Estate in Emerging Markets Forum held in New York last week, Zell even went as far as to state that “if you look at all the facts, I don’t think there is a better environment in all the world than Brazil.”

Zell, chairman of Equity International which has major investment interests in Brazil, has long been an advocate of Latin America’s largest country, claiming earlier this year that if he could, he’d “buy Brazil”. And looking at Brazil’s recent economic record, it is not difficult to see why.

Figures for Q3 GDP growth released on 9th December show that Brazil grew by an impressive 6.3%. This is even higher than Q1 and Q2 this year when growth registered 5.8% and 6% respectively. What makes these figures particularly remarkable is that they arrive at a time when many countries have seen yet further doom and gloom on the GDP growth front.

At a time when the global economic slowdown has left few countries untouched, Brazil is one of the few nations to be setting the standards for economic growth. The good news for Brazil is that this trend looks set to continue.

Not only is Brazil a major world provider of commodities such as iron ore and soya, but the recent discovery and development of Brazilian oil fields will eventually allow the country to become self-sufficient in oil as well as provide huge wealth. Many have dubbed Brazil’s President, “Sheikh Lula”, a title backed by the recent Chinese decision to lend the state-owned energy company, Petrobas, US$10 million to develop the massive oil fields off the coast of Rio de Janiero.

In the midst of the economic slowdown – and no visible sign of this changing significantly during 2009 – Brazil represents a refreshing change and offers exceptional investment opportunities. Property investors would do well to follow in Zell’s footsteps and “buy Brazil”.

For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).

Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com./

For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.

Obelisk Congratulates Chris Hoy, 2008 BBC Sports Personality of the Year

The accolades continue to flow for Chris Hoy as 2008 comes to a close. He has been named the latest BBC Sports Personality of the Year, beating both Formula One World Champion, Lewis Hamilton, and UK swimming sensation, Rebecca Adlington. The Scottish cyclist received his award in front of a boisterous audience of 9,000 in Liverpool.

Hoy, Britain’s Golden Boy of the Beijing Olympics has had an exceptional year. He won 2 gold medals in the 2008 World Cycling Championships in Manchester and an amazing 3 gold medals in Beijing, making him the most successful Olympic cyclist of all time.

The champion was emotional in victory. "This has to be one of the biggest things I've achieved. Any athlete will tell you this is the one to win, in terms of sports awards." Hoy received a hearty congratulation from runner-up Lewis Hamilton, who finished just off pole position in the competition for the second year in the row.

Chris’ busy year has also included an investment venture with Obelisk at their new, luxurious development, Laguna Beach in Tabatinga. He has bought a beachfront home which he hopes to make his winter training camp. “Outside of the competition season, it’s important to go road-riding so I hope to get to Brazil about twice a year. The climate is perfect for winter cycling.”

After a busy few months since Beijing, Hoy, who has vowed to compete in the London Olympics in 2012, said he was looking forward to returning to his tough training regime. “The last few months with all these dinners and all these events have brought it home how much I enjoy training. I'm still motivated, I'm 32, I'm not 50 and I still have a good few years yet."

For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).

Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com./

For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.