In the early months of 2023, Russians showed a marked interest in buying property abroad. Analysts observed a notable rise in demand, with activity increasing by about one third compared with the same period a year earlier. This trend came from a detailed study conducted by a leading real estate firm that tracks international transactions and market sentiment among Russian buyers.
Dubai in the United Arab Emirates emerged as the most popular destination for Russian investors, followed by Thailand and Türkiye. The appeal of Dubai was attributed to its favorable tax environment, steady economic growth, and a political atmosphere that many buyers perceived as stable. These factors, along with the city’s global connectivity and development pace, helped solidify its position as a top choice for those expanding their real estate portfolios abroad.
Alongside Dubai, the first half of the year showed a surge in purchases in Thailand, where transaction volumes rose more than twofold compared with the same period of the previous year. In Türkiye, purchase activity by Russians was also up, with a noticeably higher number of transactions than in 2022, indicating sustained interest across diverse markets in the region.
Other regions that demonstrated rapid growth in interest included the Caribbean and Vanuatu. In the first six months of the year, Russians showed nearly two and a half times more inquiries and purchases in the Caribbean than in the same period a year earlier, while interest in housing in Vanuatu more than tripled. These shifts reflect a diversification of preferences and risk considerations that Russian buyers weighed when evaluating international real estate options in that period.
Earlier industry reporting noted a substantial year over year increase in demand for properties in Thailand, with double-digit growth, and a significant rise in interest toward Indonesia. Taken together, these patterns point to a broad reallocation of buying activity by Russians toward international real estate during early 2023, driven by factors such as potential returns, currency considerations, and the desire for geographic diversification across regions with differing regulatory and market dynamics.
Overall, the data from this period show that demand for foreign real estate purchases among Russians more than doubled in 2022 and continued to expand into 2023, underscoring a sustained appetite for international property investments even amid global economic shifts. Market observers highlight that the mix of destinations—from the Middle East and Southeast Asia to the Caribbean and the Pacific—illustrates a strategic search for stability, tax efficiency, and growth potential across multiple jurisdictions.