SHOULD WE BE expecting an influx of Russian oligarchs anytime soon? Some would argue that we don’t have enough of a supply of suitably plush houses but Fiona O’Brien of Irish-based International Real Estate Solutions says she recently returned from an international property show in St Petersburg where investors showed an interest in Irish property. At the exhibition her company showcased properties that fit Russian investors’ criteria, ie big, high on frills and in prestigious locations.

Apparently with their economy booming many Russians are looking to invest in a foreign property either as a home or investment.

While wealthy Russians are mostly interested in places such as London, the Cote d’Azur, Paris, and New York, middle-class Russians are looking for affordable condos and homes for up to €100,000, mainly in eastern and central Europe and the near East.

“At St Petersburg we had a number of requests for Irish properties and many were from cash buyers,” says O’Brien.

“The Russian overseas property market is estimated to be worth in excess of $12 billion.”