In 2023, Russians began to buy real estate in Cyprus and Hungary more often. This was reported by RIA News With reference to data from NF Group analysts.
It is stated that the real estate demand of Russian citizens has shifted from Türkiye and the UAE to these two countries. Russians also began buying homes more frequently in Greece and Indonesia. Most buyers purchase housing to obtain a residence permit and citizenship. Approximately 20 percent of Russians buy real estate for investment purposes, while 17 percent buy real estate for their own residence.
Anna Larina, director of NF Group’s foreign real estate department, noted that the demand for real estate in Turkey decreased after the earthquake in February 2023, and that the demand for purchasing housing in the UAE decreased during the hot summer season.
Hungary is attractive due to its low entry threshold for investment (approximately 215 thousand euros per family). Cyprus is consistently popular with Russians. The country’s possible early entry into the Schengen area is increasing interest.
Dmitry Rakuta, formerly mortgage broker, real estate expert aforementionedIn the current situation in the real estate market, Russians should not buy mortgaged apartments.
Previously Lenta.ru reportedRussians are no longer the main buyers of real estate in Dubai.