Russian Buyers Shift Abroad as Demand Dips, Yet Deals Grow in Size (Kommersant)

Russian demand for buying homes abroad has fallen significantly, with declines ranging from 32% to 45% reported by Kommersant. The same source notes even sharper drops in some markets: a 60% to 70% decrease in Turkey and a 25% to 30% drop in the United Arab Emirates. Despite this cooling of demand, the average size of foreign real estate transactions by Russians actually rose in 2023, climbing by 23.5% over 2022 to an average of 247,000 euros per deal. Analysts attribute this shift to a cooling period after a rapid boom in purchases. The year 2022 was marked by a large exodus of residents abroad following the start of the Northern Military District actions and partial mobilization, events that likely fed into the surge of purchases seen earlier. (Kommersant)