Date Published 16 February 2015
The ideology that there is money to be made in student lettings perhaps got out of hand last week as it was reported that a trio of Russian billionaires are seeking to buy student properties in London, in a deal worth a staggering £5.35 billion. The trio will seek to supply unnecessarily luxurious `student digs` to the sons and daughters of some of Britain`s wealthiest. The properties are likely to warrant fees of around £2,200 per month: a ludicrous fee that most students don`t even earn in a year.
The Russians — said to have a combined wealth of over £20 billion — are seeking to purchase 418 `state of the art` student rooms, offering `exceptional space and beautiful interior design` for rents of up to £22,360 per academic year. I`m sure that these living conditions are what a minute proportion of Britain`s youth are used to, but isn`t the whole point of student life a process of discovery? A time when you live in squalor, training yourself to appreciate a clean kitchen or bathroom?
The three prospective landlords are three of the wealthiest men on the planet. One of whom owns a hunting lodge in his homeland, described as a `Four Seasons hotel in the middle of nowhere`; so going by this there is no doubt that the properties in London shall be extravagant beyond belief.
But why are they coming to Britain? The dramatic fall in oil prices, western sanctions and the collapse of the Russian rouble have encouraged many wealthy Russian businessmen/women to seek investments outside of the country. Let us hope that this investment is a success and that foreign investors continue to spend their billions on our shores.