Russians buying property in Abkhazia

Rezonansi informs, presumably based on Russian sources, that a lot of Russian capital is entering separatist Abkhazia because a lot of Russians are buying property there. Research shows that 85% of the real estate purchased in Abkhazia in 2009 was bought by Russians, 10% by Turks, 2% by Ukrainians and 3% by citizens of other countries. 70% of the Russian purchasers are from St. Petersburg and Moscow, 20% from Siberia.

The most popular locations for new property are Sokhumi (41% of sales), Gagra (23%), Bichvinta (12%) and Gudauta (11%). Most of the purchases are houses (45%), followed by land (28%) and commercial buildings (19%). The greatest demand is for houses located in the mountains.

47% of the Russians buy property in Abkhazia as a holiday home, 15% for business purposes. 23% of buyers think that prices there will go up, 15% say that they are thinking of making Abkhazia their permanent home.