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Russian buyers suddenly warm to Miami real estate in a big way

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Russian buyers suddenly warm to Miami real estate in a big way

Following Trump’s victory in November, Russian interest in the U.S. luxury real estate market jumped 35 percent, according to Knight Frank, a global real estate consultancy. Russian interest in the U.S. had dropped off dramatically in previous years, as the U.S. imposed economic sanctions on Russia.

“This is consistent with buying relationships with the new administration and Russia,” said Jonathan Miller, president of Miller Samuel, an appraisal and research firm.

Trump not only has a better relationship with Putin than did President Barack Obama, but he also has a history of doing big real estate deals with the Russian rich. In 2004, he bought a distressed Palm Beach, Florida, mansion for $41 million and then four years later sold it to Russian billionaire Dmitry Rybolovlev for nearly $100 million.

“Without a doubt, the No. 1 [for the interest] is the fact that the Russians seem to be happy about the result of the election,” said Christopher Zoller, chairman of the board of the Miami Association of Realtors. “Knowing what they think they’re going to see going forward, I think that gives them more confidence.”