Rich Russians' love affair with London undimmed

Thu Jul 19, 2007 5:58pm BST
 
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By Mark Trevelyan

LONDON (Reuters) - Undaunted by the odd polonium poisoning, murder plot or diplomatic face-off, Russia's wealthy elite are hungry for the good life in London and there is no sign of their appetite waning.

Property agents and businesses serving London's Russian-speaking community, now estimated to number several hundred thousand, have kept a wary eye on the worsening of relations between the two countries.

But so far they say it is business as usual -- despite an Anglo-Russian ping-pong game of diplomatic expulsions this week in which the score now stands at 4-4.

"We have more and more clients from Russia now," said Inessa Falina, head of the Russian department at Hamptons International Estate Agents.

"Most of my clients are looking for properties from 2 million pounds and up. For example, tomorrow I'm showing a house that costs 18 million pounds and yes, it's a Russian oligarch."

London's appeal to rich Russians is manifold: ease of doing business, access to international capital markets, world-class culture and entertainment and the opportunity to educate one's children in England's elite private schools.

Tycoon Roman Abramovich liked it so much he bought a London residence in Knightsbridge, a country estate and one of England's top soccer clubs, Chelsea -- turning him instantly into the face of New Russian capitalism in Britain.

"SAFE CITY"  Continued...

 
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