Saturday, March 22, 2014

Russians rush to buy prime coastal real estate in Crimea

And so it begins: the buy-out and asset-stripping of Crimea by rich Russians. They'll buy the best land and build apartments and dachas that will sit vacant 10 months of the year and block the beaches and views for residents and tourists. They won't pay taxes or care about local roads or schools because they will be there so seldom.  It will be the same problem Crimea already has with absentee owners from Russia, only much worse.

Next comes the big prize: state-owned resorts and sanatoriums.  How long will it take them to be nationalized, then privatized, then razed and empty apartment towers built in their places for summer vacationers from Moscow, St. Petersburg and Volgograd?  

By Liliya Chalbash
March 21, 2014 | 15Minut

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