Russian millionaires are returning to the US property market, lured by distressed sales and the ruble’s rise against the dollar, lawyer Edward Mermelstein said.

'The way many look at the U.S. right now is that it’s a bargain,' said Mermelstein, who has arranged about 300 real estate deals for buyers from the former Soviet Union since 2007.

Mermelstein closed two purchases and bid for 20 more residential and commercial properties in New York and Miami for Russian and central Asia clients in the past three months, he said. That compares with no deals or offers in January, he said.