The large influx of ultra-rich Russians in London left Britain’s capital city with the reputation of being a playground for oligarchs.
Over the years, and particularly following the introduction of a so-called golden visa scheme, many rich Russians bought properties in some of the most prestigious areas of London.
An analysis compiled by Harness Data Intelligence found that, at the beginning of Russia’s invasion of Ukraine in February 2022, the capital counted 1,895 Russian-owned properties.
Many of these Russian-owned residences could be found in the wealthy borough of Westminister, where at the time were 218 mansions owned by Russian citizens.
The organisation Transparency International UK found that, between 2017 and 2022, Russians linked to the Kremlin bought nearly £430million worth of property in this area.
Wealthy Russians appeared to seek properties particularly in one part of the Belgravia neighbourhood – Eaton Square.
Built by the Grosvenor family in the 19th century, this leafy London square features Grade II-listed white stucco facades apartments and houses, with their recognisable entrances framed by columns showing the number of each residence.
Blossoming flowers and plants are often seen decorating the windowsills and balconies overlooking the square. Another common feature of this area is the expensive vehicles often parked outside of these properties.
Due to the high concentration of Russian property owners at the exclusive SW1W postcode, Eaton Square has been dubbed “Red Square”, a reference to Moscow’s landmark.
Before the influx of Russian buyers, the London square had counted among its residents at least three Prime Ministers – including Margaret Thatcher – and two James Bonds – Sean Connery and Roger Moore.
Two decades ago, oil magnate and former Chelsea FC owner Roman Abramovich reportedly spent some £28million on a classical home in the square.
Properties listed for sale in early 2022 included a two-storey home on offer on primelocation.com for £17.5m and another, complete with a private garden and marble bathtubs, at £25m.
Two years into the war in Ukraine, Rightmove.co.uk noted sold prices in Eaton Square have been 84 percent down when compared to 2022.
Nevertheless, a flat in Eaton Square sold in June last year still cost a whopping £950,000, while another on the market in the same month came at £5.9m.
The era of ultra-rich Russians in Eaton Square may be coming to an end after sanctions issued in the wake of the war in Ukraine hit some prominent oligarchs and Westminster council announced its intention to convert the area back into housing for the community.
