Russian investors have long pinpointed U.S. luxury real estate. But since the Russian invasion of Ukraine last week, which has sparked worldwide condemnation and sanctions focused on Russia’s elite and their families, Russian buyers likely will make up less of the U.S. housing market, experts say.
Sunny Isles, Fla., is known as “Little Moscow” and “Moscow by the Sea” and has long been a hotbed for Russian investors to purchase luxury properties in the area. Wealthy Russians have acquired property all along Florida’s southeastern coast.
However, recently imposed economic sanctions directed at Russia aim to send a message that money cannot be safeguarded through family connections or in luxury real estate, the Miami Herald reports.