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‘Luxury’ tax in Russia provides a stimulus London property market

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Last Updated: 04/10/2013  

The London Prime property market has always attracted more than its fair share of International property buyers, however a recent campaign pledge by the Russian President Vladimir Putin for the introduction of a ‘luxury tax’ which target Russians who have purchased property abroad and proposes to raise a tax on them has significantly increased the number of Russians clients looking to purchase property in the London Super-Prime Market.

Andy Smith of Private Client Property Agent 1st Asset said ‘ We have recently sold a number of significant high profile properties to Russian clients who are transferring their assets to the UK and purchasing their main residences within the UK to ensure that they avoid such a tax. Our Russian clients have traditionally purchased in locations such as Lowndes Square in Knightsbridge and Chester Square in Belgravia, primarily due to the excellent international schools and proximity to Hyde Park, although they are now looking further afield to broader Chelsea due to limited supply.  1st Asset have a number of high specification apartments and houses offering privacy and security, so if you are looking to invest in London this season, early viewing is recommended”.

1st Asset is a Luxury London Property Agent working on behalf of International Clients. We provide a discreet service to help you to buy, rent and sell your properties in London’s Super-Prime Postcodes. Whether you are a seasonal investor looking to expand your portfolio or looking for a ‘World Class home’ in London,  1st Asset’s private client team has a wealth of experience to enable you realise your ambitions .  

NB Due to the nature of our work, many properties that are available are sold without ever advertising them, so if you’re looking for something special please call us now to see if we can help – 0207 014 3800.