Due to difficult logistics and sanctions, real estate demand of Russian citizens in Bulgaria, Czech Republic and Italy decreased by five times in the first quarter of 2023 compared to the same period last year. This was announced by Elena Milishenkova, Tranio’s commercial director, reports TASS.
According to Milishenkova, the activity of Russian-speaking buyers in Bulgaria decreased by 5.8 times, in the Czech Republic – 5.3 times, and in Italy – 5 times.
The expert explained that Bulgaria and Italy were previously popular among Russians to buy holiday homes, but interest has fallen sharply, as you can only get to these countries from the Russian Federation with a few transfers. He also pointed out that these countries do not have a “golden visa” program that could support demand from investors.
The manager of an international real estate broker said that logistical problems also affect demand in the Czech Republic, where Russians often buy apartments for themselves or for children studying at local universities. He also pointed out that at present, many families are turning to the education of their children in Chinese universities.
At the same time, the Russians continued to be interested in Germany and France, where the real estate markets were still attractive to investors and immigrants.
Tranio also added that this year Portugal stopped issuing “golden visas” for the purchase of real estate (Russian demand for this country subsequently fell by 26%) and that they stopped issuing “golden passports” in Montenegro (Russian demand decreased). by 17%. However, citizens of the Russian Federation can rely on a residence permit to purchase real estate in EU countries, for example, in Spain, where the demand for real estate by Russians also decreased by 40% last year, but remained high.
Formerly “Kommersant” WroteFrom January to March 15, 2023, the demand for real estate by citizens of the Russian Federation in European countries exceeded the 2019 level by 54% – the purchase of all foreign real estate by the states of the European Union (EU) accounts for almost a third of the demand for real estate.