Economic chills, including large stock market falls, have severely diminished the once prodigious spending power of the Russian oligarchs, but some can still afford to treat themselves to such British status-symbols as white-stuccoed houses in Belgravia, newspapers and the rest. The price must be right, however. Alexander Lebedev, below, Russia's 39th richest man, a tycoon with an intellectual bent, is paying a “very nominal sum” - probably just £1 - for the Evening Standard.

This quest for a competitively priced opportunity is guiding Russians in their search among the bargains now on offer in the best streets of Belgravia, Chelsea, Knightsbridge and Mayfair, neighbourhoods that, as Jonathan Hewlett, of the estate agent Savills, says, have become a “toyshop” for Russians, as a result of the slump in sterling. The rouble may also be a sickly currency, but these businessmen - who tend to a certain cynicism about the economic strategies of the Kremlin - have stashed money offshore in dollars.

This puts them at a substantial advantage: the combined effect of the fall in sterling and the decline in the property market means that, for Russians, homes in the best postcodes are about 43 per cent cheaper than at the height of the prime Central London boom in 2007.

Meanwhile, as a result of City job losses, there is a plentiful selection of properties for those who either want a holiday home in London or are planning a longer stay because their children are being educated here. Lulu Egerton, of the estate agent Strutt & Parker, says that a year ago there were just five houses between £2million and £3million on the market in Chelsea and South Kensington; there are now 40. There is a similar abundance of homes in higher price brackets.

Late 18th century or early 19th century white stucco is the look that the Russians like; as a trophy it is the latterday equivalent of the bejewelled Fabergé egg, the Tsarist bauble of choice. Hewlett reports that they are less keen on brick, even in Eaton Square, the kind of Belgravia address that they would usually favour.

A Grade II four-bedroom house, for sale through Savills in Egerton Terrace, Knightsbridge, is the archetypal stucco trophy. The asking price of £9.5 million includes a garage. Parking is important for Russians, which is probably why there are four underground spaces for cars at a house in Eaton Square recently refurbished by the developer Finchatton with the “international businessman” in mind. Other features of this five-storey, five-bedroom £25million pad is the room for the live-in bodyguard who can observe all comings and goings via his own control panel. There are hidden cameras absolutely everywhere: the very latest in domestic electronic gadgetry appeals to this clientele.

Alexander Shatalov, of Savills' Moscow office, says that the Russians' other main requirements are cinemas, pools and high ceilings. Even luxury new-build apartments in London have typical room heights of 2.7 metres; for moneyed Muscovites, anything less lofty than 3.5 metres is a closet, not a place to entertain.

The availability of property means that some Russians are playing the waiting game. Shatalov cites the example of an owner who was trying to dispose of his property last year to a Russian for £6million. The seller refused a bid for £5million, but now would be happy to accept £3.5 million.

Despite the Russians' passion for London real estate, they are happy to bide their time because they see the UK as a long-term safe haven, with nice shops, restaurants and schools.

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