Ongoing logistics hurdles and sanctions have reshaped how Russian buyers engage with European property markets. In the first quarter of 2023, demand among Russian citizens for housing in Bulgaria, the Czech Republic, and Italy fell by about fivefold compared with the same period a year earlier. This assessment comes from Elena Milishenkova, the commercial director at Tranio, as reported by TASS.
Milishenkova noted that activity among Russian-speaking buyers dropped sharply: about 5.8 times in Bulgaria, 5.3 times in the Czech Republic, and 5 times in Italy. The trend reflects rising travel barriers and a cooling of interest in popular holiday-home destinations that were historically favored by Russians for leisure property investments.
The expert explained that Bulgaria and Italy had attracted Russian buyers for vacation homes, but accessibility has become a major obstacle, with travel routes limited to a handful of transfers from Russia. Additionally, neither Bulgaria nor Italy offers a “golden visa” program that would sustain investor demand in the current environment.
In the Czech Republic, the impact of logistical constraints is also evident. Russians often purchased apartments for personal use or to support family members studying at local universities. Today, many families are shifting their educational focus toward Chinese universities, which has influenced housing demand patterns as families reassess relocation and study options.
Meanwhile, interest remains steady in Germany and France, where property markets continue to attract investors and newcomers. Tranio also noted shifts in policy affecting demand for other destinations. Portugal halted its “golden visas” program for real estate purchases, and Russian demand for real estate there declined by about 26%. Montenegro suspended its “golden passport” program, leading to a drop in Russian demand by roughly 17%. Yet, Russians can still pursue EU residence permits that enable real estate acquisition in countries like Spain, where interest also decreased last year but stayed comparatively high overall.
Historically, statements from major outlets indicated that demand among Russian buyers in European markets, in the period from January to mid-March 2023, exceeded 2019 levels. At that time, foreign real estate activity across EU states accounted for a significant share of the market demand, underscoring how shifts in policy and travel access can reverberate through cross-border property investment trends. This broader context helps explain the recent divergence in sentiment and buying activity across different European destinations. [citation attribution: Tranio, aggregated report via TASS]