What happens to London Properties owned by Russian Oligarchs?

This is an issue explored in depth in this article found on Bloomberg. 

The Russian oligarchs bought many properties in London in recent decades. One of the most famous purchases is the Chelsea Football Club, which was bought by Roman Abramovich. With the sanctions many lost their properties which are in many cases abandoned and neglected.

As result of Vladimir Putin’s bloody invasion of Ukraine, once-welcome oligarchs have become sanctioned pariahs, and the number of properties that have been seized in and around the capital of the United Kingdom has skyrocketed: 
According to an investigation conducted by Bloomberg News, the total value of these assets is greater than £2 billion ($2.1 billion).

A legacy that policymakers are belatedly rushing to eradicate is London’s decades-long status as the destination of choice for plutocrats to stash their cash in bricks and mortar, particularly Russians during the 2000s and early 2010s. 

It is a reminder to foreign owners of what can happen when the geopolitical wind changes, which lessens the appeal of a prime UK property market that has come a long way since its glory days in 2014. It is no longer possible to visit the city that became known as “Londongrad.” For purchasers of this type, it seems like a safer bet to go with Dubai.

 

 

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Last update on 2023-01-28 / Affiliate links / Images from Amazon Product Advertising API

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