Anna Larina, Director of the Department of Foreign Real Estate at NF Group, said that in the first half of 2023, Russian citizens most often purchased housing in Turkey. The number of requests for facilities in this country amounted to 27% of the total number.
The United Arab Emirates is in second place — 22% of the total demand of Russians. Cyprus took the third place, where demand was reflected in 17% of requests. Spain is also a popular destination for buying foreign real estate — 11 % and Grenada — 7%.
In 2022, the rating was different, but the first three positions remained unchanged. The countries were arranged in the following order: Turkey, UAE, Cyprus, Portugal and Greece.
“Portugal does not give a residence permit to Russian buyers well now, there is also a problem with opening accounts. Greece also ceased to occupy a leading position, and Grenada replaced it in 2023. But now Grenada’s immigration program is also unavailable,” explained Anna Larina.
According to the expert, the majority of Russian citizens (67%) invested in foreign real estate in order to obtain a residence permit or a second citizenship. The remaining 16% bought housing as an investment. For this purpose, Indonesia, Cyprus and Turkey became the leaders of the countries.
For their own residence, only 15% of Russians purchased properties in Turkey, Cyprus and Spain.
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