In 2023, Russia’s interest in foreign real estate grew, with Cyprus and Hungary drawing more buyers. This shift is reflected in data reported by NF Group through NF Group analysts and cited by RIA News, showing a notable move away from previous hotspots toward these two nations.
According to the analysts, Russian buyers redirected their attention from Türkiye and the UAE to Cyprus and Hungary, while interest in Greece and Indonesia also rose. The majority of deals were driven by goals beyond mere ownership: many buyers sought residence permits or citizenship, underscoring a broader strategy that combines personal security with potential mobility. Roughly one in five Russians purchased property primarily for investment, while about 17 percent aimed to secure a primary residence for themselves or their families.
Industry observations highlighted by NF Group include a downturn in demand for Turkish properties following the February 2023 earthquake, which temporarily tempered activity in the market. Additionally, the UAE saw softer interest during the peak summer months, reflecting seasonal shifts as buyers reassessed options in a dynamic global market.
Hungary stands out as particularly attractive due to a relatively low entry barrier for investment—around 215 thousand euros for a typical family, enabling easier access to residency pathways. Cyprus maintains strong appeal, consistently ranking high among Russian buyers. The possibility of an earlier Schengen entry window continues to heighten Cypriot market interest, with buyers weighing long-term travel and business implications alongside immediate housing needs.
Market perspectives from the lending and real estate community note caution for buyers who rely on mortgage financing. In the current climate, experts advise against purchasing mortgaged properties without thorough risk assessment, given interest rate fluctuations and macroeconomic uncertainties that could affect loan terms and long-term affordability.
Earlier industry reporting indicated that Dubai was no longer the primary target for many Russian buyers, signaling a broader trend toward diversification across regions. This evolving landscape reflects a mix of economic considerations, regulatory changes, and shifting preferences as buyers seek secure, flexible options for living, investing, and future mobility. The overall picture suggests a measured approach to real estate—balancing cost, legal residency routes, and personal goals—while navigating a market that continues to adapt to global conditions and policy developments.