Since 2000, Russian businessmen have bought $4.2 billion worth of real estate in the UK, according to real estate agents Knight Frank. T...

Since 2000, Russian businessmen have bought $4.2 billion worth of real estate in the UK, according to real estate agents Knight Frank. This year alone rich Russians have already spent $1.5 billion on apartments and houses in the UK. Knight Frank only takes into account deals worth more than £1 million ($1.9 million), so the actual spending was probably higher. According to Liam Bailey, Knight Frank’s head of residential research, Russians have bought more than 240 properties in London worth over £1 million this year. The massive spending power of Russian businessmen has been a driving force behind the 25 per cent rise in prices in the few squares miles of what is known as “prime central London” since January.