What was 2024 like in the foreign housing markets? Which destinations did Russian-speaking buyers prefer? What are the general trends? Has demand been growing? How did the prices of apartments and houses behave? And most importantly, what can we expect from 2025? We will tell you in the material prepared jointly with real estate experts in different countries.
The activity of Russians and citizens of the former Soviet Union in the foreign housing markets as a whole decreased in 2024. Demand has stabilized after the excitement caused by global geopolitical upheavals.
The events of spring and autumn 2022 (the outbreak of hostilities in Ukraine on February 24, 2022 and the announcement of partial mobilization on September 21, 2022) provoked two large waves of immigration from the Russian Federation and sparked demand for apartments in Turkey, Thailand, the United Arab Emirates, Georgia, Egypt and some other countries. People were looking for options for their own living, as well as for investment and capital preservation.
In 2024, there was no explosive demand for apartments abroad from Russians, as:
- the flow of immigration has calmed down (on the contrary, some who left their homeland have returned);
- the ruble exchange rate has fallen against the dollar and the euro;
- Property prices in many popular countries have increased;
- The government’s policy towards immigrants and investors has become tougher (for example, in Turkey);
- Settlements are still difficult even with “friendly” countries, and Raiffeisenbank, the most popular bank for this type of operation, has restricted currency transfers abroad.;
- The lack of direct flights to many countries and the fact that plane tickets have become very expensive complicates the use of property for those living in the Russian Federation.
There is no rush, however, stable demand for housing abroad remains – almost half of all requests on the portal come from Russia. Russians are likely to increase their interest in foreign real estate in 2025, despite the significant weakening of the ruble at the end of the year. The unprecedented increase in the key interest rate by Central Bank has limited the access of the country’s citizens to mortgage loans. At the same time, the market and the banking system as a whole have become more vulnerable, which may push many investors to foreign destinations accessible to Russians with their long, convenient interest-free installments, and in some places, mortgages (for example, in Dubai).
Russian–speaking Germans are on the second line in terms of the number of requests on the portal, and Israelis are on the third.
The hot phase of the Palestinian-Israeli conflict is forcing many Israelis to look for safe and less expensive places to move or as a backup option. Repatriates of Russian origin often choose Georgia, Bulgaria, and Montenegro. It should be noted that there is a reverse trend – Jews from all over the world are rushing to their country due to the growth of anti-Semitic sentiments – real estate prices in Israel are rising despite the war.
In the top five most requested destinations for HomesOverseas.ru Bulgaria, Turkey, Montenegro, Egypt and Spain.
Bulgaria joined the Schengen Area by air and sea on March 31, 2024, and is preparing to join by land on January 1, 2025. Prices for apartments and houses in the country have been rising for 10 years in a row. Demand in the real estate market declined in 2023 after the boom of 2021-2022, but is now rising again. Bulgaria is often chosen by Ukrainians.
Turkey has been the undisputed leader on the portal for two years in a row, but this year it has moved to the second place. After three years of boom, the market has gone into stagnation. Housing prices rose in 2023 at the fastest pace in the world, but in 2024 they are falling in real terms (in nominal terms, they are rising). Since April 2022, Russians have held the lead among foreign buyers of real estate.
Montenegro has been surprising for the third year in a row. In the country, you can get a residence permit when buying a home of any value, so many choose the Montenegrin coast of the Adriatic to move. Russians, along with Serbs, are the main buyers of apartments and houses in Montenegro among foreigners.
In Serbia itself, the activity of newcomers in the market has decreased, but they continue to influence the situation. Over the year, real estate in the country has risen in price by 4.6%. Sales increased in the regions and decreased in the capital.
Egypt Two years ago, it rounded out the top ten, and in 2024, it already entered the top five in terms of the number of requests for housing. The rapid rise is explained by low real estate prices (for 20,000 euros you can buy a small studio in Hurghada), the relative ease of legalization, and the low cost of living compared to other destinations.
The Spanish market is feeling very confident, sales are growing, housing is becoming more expensive (+8% year-on-year in the 3rd quarter). A fifth of all real estate sold in the country is acquired by foreigners (in some regions – a fourth part). Ukrainians are among the five most numerous buyers of apartments and houses coming from abroad. The number of transactions with non-residents has reached a record in eight autonomous regions. One of the reasons is the Golden Visa program, which allows wealthy investors to obtain a residence permit from an EU country for the purchase of real estate over 500,000 euros. The scheme will cease to operate in early 2025 (probably in March).
In Hungary, a similar program with the same investment threshold was supposed to be launched early next year, but the government unexpectedly deleted the real estate investment option from it, leaving only investments in funds (the scheme is not available to Russians without a second passport). The reason is the renewed increase in prices for the purchase and rental of housing.
Since September 2024, Greece has raised the bar for investors wishing to become residents to 800,000 euros in the most sought-after regions. The program is also unavailable to Russians.
Portugal refused to encourage real estate investors with a residence permit back in 2023, as the program, according to the authorities, warmed up housing prices. By the way, apartments and houses in Lisbon and Porto continued to rise in price after the cancellation of the controversial option.
Among the countries that pleasantly surprise is the UAE. The phrase “Dubai market records” has become a cliche that one wants to avoid, nevertheless, the figures give rise to just such formulations. Sales of apartments and villas continue to grow, prices are also going up, especially for premium properties (+16.5% per year). Villa prices have already reached the level of 2014, the previous peak, which was followed by a large–scale crisis. The current situation, according to experts, is fundamentally different.
Of the Persian Gulf States, we recommend that you also pay attention to Oman.
Thailand is definitely the leader among the Southeast Asian countries. The kingdom has long been familiar to our audience. Inexpensive apartments in Pattaya and luxury villas in Phuket are in demand. There are many who have moved here permanently, many arrive every year for the winter. Russians are second only to locals and Chinese in terms of the number of properties they purchase.
The Indonesian island of Bali – an international oasis of relaxed living. Today, this trend is not only about fashionable holidays, but also about investments. Property prices are rising, as is the demand for rent. In addition to traditional villas, apartments starting at $90,000 are also being built.
Housing offers in Cambodia have recently appeared on the portal.
This year, a new destination for investors with capital was opened – Maldives.
Some European real estate markets, which have been experiencing a crisis since 2022 due to rising loan rates and declining solvency of citizens, are recovering or moving towards recovery as the key interest rate is lowered by the European Bank.
The market of Germany, which is the most affected in this sense, has rebounded from the bottom. Prices are falling in France, but not at the same pace as before, and not everywhere. Real estate became cheaper in the Ile-de-France metropolitan area, Paris and some other cities, while prices remained stable in Nice. In the UK, the cost of apartments and houses is rising again, as is the number of mortgages being issued.
In the United States, real estate prices are rising despite declining sales (sales of second homes at a 14-year low). The reason for the imbalance is a lack of supply. The market’s expectations of the Trump presidency are contradictory. On the one hand, the new head of the country promised to increase the volume of construction and introduce deregulation of the industry, which should reduce prices. On the other hand, the outflow of immigrants and the imposition of import duties, on the contrary, will push prices up.
Today, there are only two countries in which Russians can obtain a passport (namely citizenship, not a residence permit) for the purchase of real estate: Turkey and Vanuatu. The Turkish program is popular with wealthy investors (the investment threshold is $ 400,000). However, in terms of the “strength” of a Turkish passport, there is little difference from a Russian one – for example, there are also frequent refusals for Schengen visas. As for Vanuatu, this Pacific country has recently lost its visa-free travel to the EU.
Let’s take a closer look at the markets of some countries.
Montenegro
Svetlana Zamotina, Director of the Tradegoria agency: “2024 has become a year of relative stability for the Montenegrin real estate market.”
There have been no sharp spikes in housing prices, but they are gradually increasing as demand for real estate as an investment asset grows.
On the contrary, demand and prices for long-term rental housing on the coast are decreasing. This is due to the outflow of a significant part of foreign tenants to countries offering more affordable or attractive living and working conditions, such as Spain, Portugal, Serbia, as well as the return of some citizens to Russia.
As for preferences by region, the Adriatic coast remains on trend. It is popular among foreign buyers, especially resort apartments for rent. There is also a growing interest in the northern regions and Podgorica. These areas are attractive due to the potential for long-term investments.
Average budgets of Russians for the purchase of real estate in Montenegro: 100,000-250,000 euros and from 800,000 euros in the elite segment. Average German budgets: 180,000-400,000 euros.
What events have affected the housing market in Montenegro?
1. New requirements for residence permit documents for company directors.
In 2024, stricter requirements for documents for obtaining a residence permit in Montenegro for company directors were introduced. Now applicants are required to confirm the active activities of the company and provide an annual certificate of absence of criminal record.
These changes are aimed at combating fictitious companies registered solely for obtaining a residence permit. The new requirements made it more difficult for foreigners who chose Montenegro as an affordable country to live in.
2. The possibility of introducing visas for citizens of Russia and Belarus
At the end of the year, the issue of introducing a visa regime for citizens of Russia and Belarus, as well as Turkey, was actively discussed. Although no final decision has been made yet, the news itself has caused uncertainty among potential property buyers from these countries. Many of them preferred to speed up transactions in order to ensure that they could legally stay in the country before a possible change in the rules.
3. Montenegro’s accession to SEPA
One of the most important events of the year was the official accession of Montenegro to the Single Euro Payment Area (SEPA). This greatly simplifies international financial transactions, including money transfers for the purchase of real estate.
Joining SEPA has strengthened the confidence of foreign investors and increased the attractiveness of Montenegro as a financially stable region.
Our forecast for 2025 is that prices for apartments and houses will continue to rise due to stable demand and infrastructure development. The growth will be moderate, in the range of 5-10% per year. The country’s attractiveness for long-term investments will remain high due to stability, improving construction quality and the path to EU membership.
Turkey
Ksenia Baldzhi, Executive Director of Liga Real Estate: “WithIt‘s such a time when you can buy a property by the sea at a good discount and just watch how this property will grow in price, because there really is nowhere to fall!”
The year 2024 was a logical continuation of 2023. The market continued to stagnate, as there were no major changes in legislation regarding the sale of real estate to foreigners. There have been no significant changes in the local market either, and the concessional loans that were expected have not been introduced.
Let me remind you that the market was tested by the resolutions adopted in 2023, which led to a reduction in real estate sales to foreigners: the investment threshold for obtaining a residence permit was increased (up to $ 200,000), and restrictions related to the rental of apartments for short-term rentals were introduced. In addition, the closure of many popular areas (that is, foreigners can no longer obtain a primary residence permit in them), which occurred back in 2022, continues to negatively affect the situation.
With all these changes adopted at the state level (not at the legislative level, which is important, but at the state level), demand has dropped significantly. Naturally, at a time when good luxury real estate is falling in price, there is a buyer for it, and this time the buyers of such properties turned out to be locals from major cities – Istanbul, Ankara, Izmir, as well as Turks who emigrated to Europe at one time. These are people who have the means and who are just engaged in this kind of investment, that is, they buy during a market downturn in order to resell later.
What is the forecast for 2025? The market is already awaiting changes at the legislative level, changes in policy regarding the sale of real estate to both foreigners and locals.
Throughout 2024, significant market players who have weight in local authorities and connections with senior government officials wrote various kinds of petitions and sent reports demonstrating the losses incurred by tourist regions due to the restrictions.
So, about a month ago, representatives of the municipal authorities of Alanya, headed by Mayor Osman Taryk Ozcelik, traveled to Ankara. What were their requirements?
- Lowering the threshold for investing in real estate to obtain a residence permit from $200,000 to $100,000 (meaning the cadastral value).
- Allowing foreigners to open bank accounts and sign subscription contracts for utilities, electricity and water without the need for a residence permit.
- Relaxation of the rules of short-term rental housing for tourist regions.
- Opening of districts. As we remember, the closure of districts This happened because they were overpopulated with foreigners, meaning their share exceeded the 25% threshold. Now the situation has changed, and the districts could have already been opened.
According to the representatives of the delegation, some questions were conveyed. That is, there is hope for positive changes.
Today, prices for apartments and villas have dropped to the level of four years ago. Developers are loyal to every buyer, there are very good installment conditions even for finished real estate. Now is the time when you can buy a property by the sea with a good discount and watch how this property will grow in price, because there really is nowhere to fall!
I would like to note that the airport located in Gazipasa will be expanded in Alanya. A project to expand the runway and terminal buildings has already been approved. In terms of investment, the most interesting areas of Alanya are Demirtas and Gazipasa.
If we’re talking about Mersin then it is worth paying attention to the districts following the district of Tej, namely Tomyuk, Cheshmeli, Arpachbakhshish. Firstly, these areas are primarily used for gasification, and secondly, they are coastal and are actively developing.
Bulgaria
Evgenia Prokazova, Sales Director at Bulgaria Avenue agency: “Over the year, prices for urban real estate in new buildings in Varna and Burgas have increased by 20-40%.”
The Bulgarian real estate market was quite active in 2024. Events in the world have affected, namely the military situation in Ukraine and Israel, especially the situation in Israel.
Russian-speaking Israelis come and invest in Bulgaria, buy real estate in Varna during the construction phase, as we have interest-free installments, it is easy to open an account for Israelis, there is a program for Israel. There are currently two flights a week from Israel to Varna, and planes fly from there daily during the season.
As for other countries, buyers from Russia have become a little more active, and the interest of citizens of the European Union is stable.
Compared to 2023, there was more demand for real estate in 2024, but interesting offers still need to be looked for! Everything is sold out at the pencil stage. Approximately 50-60% of apartments are sold at the initial stage.
The average household purchase budgets are around 100,000-200,000 euros.
Bulgaria has been joining the Schengen area along its land borders since January, and demand is likely to increase in 2025. Again, when compared with other European countries, the prices of resort properties in the country are very attractive. The average cost per square meter is around 1,000 euros. This is a ready-made secondary housing within walking distance to the sea, in a gated complex. Come and live! A studio can now be purchased at a price starting from 40,000 euros, a one–bedroom apartment starting from 60,000 euros, and a two–bedroom apartment starting from 80,000 euros.
Urban real estate is also in demand. You can always earn good money on apartments in Burgas and Varna, 20-25% or more. Over the current year, our prices have increased by 20-40%.
For example, if last year in the Chaika district of Varna an apartment at the construction stage could be bought for 120,000 euros, now a similar apartment at the construction stage costs 170,000 euros, in other words, the price per square meter has increased from 1800 to 2500-2700 euros.
A lot of immigrants have come to Bulgaria recently, and every second or third person is trying to become a realtor without having enough information and experience. We recommend contacting companies that already have many years of work experience and can provide high-quality legal support for the transaction.
Spain
Ekaterina Okhilkova, Head of the Expert Agent agency: “In 2025The rise in prices for apartments and houses is likely to continue. The dynamics may be the same as in 2024, averaging 10-15% per year.”
In 2024, the Spanish real estate market showed moderate growth. After prices stabilized in 2023, interest in housing has resumed, especially in major cities such as Madrid and Barcelona, as well as in popular resorts including the Costa Blanca and Mallorca. In some cases, the price increase reached 5-7% compared to the previous year.
The market dynamics were influenced by several events and processes.
- Lower interest rates by the European Central Bank have made loans more affordable. The demand for housing was growing, especially in large cities such as Madrid and Barcelona.,
- Increased inflation and rising prices for building materials slowed down the pace of construction, which created a shortage of supply in the market. This is especially felt in the affordable housing segment, forcing buyers to look for more economical options.
- Changes in legislation that tighten the rules for renting real estate have led to the fact that many owners have become less inclined to invest in residential real estate.
In 2024, the interest of foreigners in real estate in Spain remains high. The main buyers come from Great Britain, Germany, France, Italy, Belgium, Poland.
There are many requests from citizens of the Middle East, in particular, the United Arab Emirates and Saudi Arabia, as well as from representatives of Scandinavian countries.
The forecast for the Spanish real estate market for 2025 is optimistic. What trends will be decisive?
- Demand for housing in major cities such as Madrid and Barcelona, as well as in popular resorts, will continue to grow due to the economic recovery after the pandemic and an increase in the number of foreigners willing to invest in real estate.
- Apartment and house prices will continue to rise. The dynamics may be the same as in 2024– averaging 10-15% per year. Prerequisites for further price increases: limited supply and rising construction costs (among other things, due to environmental and sustainable development requirements). Rising housing prices may push buyers to markets in less densely populated cities and suburbs.
- The focus on environmental sustainability technologies and smart housing will increase. Their use will increase the attractiveness of the property.
Special attention should be paid to the regions:
- Costa Blanca, and especially cities like Alicante and Torrevieja, which is famous for its climate and affordable housing prices.;
- Malaga, and especially the Costa del Sol area;
- Valencia;
- Galicia, and especially on Santiago de Compostela;
- The Canary Islands;
- the island of Majorca.
Italy
Elena Dvurechinskaya, Director of ITALCASA: “2024 was more like a lull after the storm and the transition to smoother market rhythms.”
The post-century hype that caused inflation and the ECB rate hike has passed. A phased reduction in the rate has begun – from 4.25% in January 2024 to 3%, which is current in mid-December.
In 2024, the number of transactions in Italy decreased, but prices did not decrease. This can be explained by a reduction in supply on the market. I would like to note that in the past year it has been more difficult than ever to select real estate properties that meet the client’s request. In some cases, it was not possible to find more than one option. Moreover, this situation was observed in all price categories.
Different market segments have performed differently this year.
- Demand for affordable housing has decreased due to high loan rates.
- Demand for luxury properties, on the contrary, was growing. In this segment, it far exceeds the supply. In prestigious places, the market has accelerated to unprecedented prices and does not think to stop. In this regard, the Forte dei Marmi resort and the skyscrapers of Milan are the most significant.
New buildings are going well. This is a rare and valuable commodity in Italy, which outstrips secondary real estate in price growth.
So, in 2024, out of 720,000 transactions, new buildings accounted for only 50,000 units, 75% of which were projects in Rome and Milan. The reason for this imbalance lies in strict building regulations, bureaucracy, and the lack of land for construction.
The demand for new buildings significantly exceeds the supply. In fact, it’s very difficult to find something with a deadline earlier than 2026. Prices for such apartments are steadily rising. I recommend paying attention to this type of property!
What are the market prospects in 2025? If there are no new inputs, then the secondary market will return to a kind of sluggish demand. For new buildings, I predict growing demand and prices.
Foreigners have traditionally been actively purchasing apartments and houses in Italy. As for Russian–speaking buyers, today they are mostly immigrants who have been living in Europe for a long time, less often in Israel or the USA.
Georgia
Beka Topuria, Director of Broker Land Agency: “The Georgian real estate market experienced a significant recession in 2024, which followed the boom of 2022-2023.”
Two years ago, the market’s rise was associated with the recovery of demand after the pandemic and the influx of immigrants from Russia and Ukraine. There are fewer foreigners coming from these countries today, but the number of Israelis interested in Georgian real estate has increased significantly.
Apart from Russians and Israelis, apartments and houses in Tbilisi, Batumi, Kobuleti citizens of Turkey, the Persian Gulf states, and India buy.
Home sales have declined markedly, but prices on the secondary market remain stable, and prices for apartments in new buildings are rising. During the year, housing prices in Tbilisi rose by an average of 10%, in Batumi – by 10.5% (Galt & Taggart data for the 3rd quarter).
The cost of rent in Tbilisi and Batumi continues to decrease gradually. However, the average rental yield is still quite high. In the capital of the Adjara region, it averages 9% per annum.
The budget of a foreign buyer of real estate in Tbilisi is mainly in the range of 60,000-100,000 dollars, while even more modest budgets prevail in Batumi.
In 2024, the Georgian housing market was influenced by factors such as the outflow of expats and political upheavals in the country. In 2025, the impact of these processes on the situation is likely to continue. However, there is no prospect of a decline in prices on the market, as the volume of construction has already decreased in the past year, and there is less supply on the market.
Cyprus
Kirill Ravchenko, CEO of DOM Real Estate: “There are significantly fewer property buyers with an average budget in Cyprus.”
In 2024, the Cyprus market as a whole stabilized after the boom caused by the influx of immigrants. In 2023, there were a huge number of clients from among the visitors, and sometimes realtors did not even understand which deal to take on first. Now everything has returned to a calm course.
As for the difficult issues faced by visitors from Russia, they have remained the same: opening bank accounts, blocking bank accounts. Everything is solvable in most cases, but problems of this kind do occur.
I would like to note that there are now many more developers in Cyprus who have started working with cryptocurrency, and this makes calculations much easier. Moreover, there is news that the Cypriot authorities plan to legalize cryptocurrency in the near future. Now it is not prohibited, but it is not allowed either, that is, it has a vague status. The legalization of cryptocurrencies is, of course, a big plus. It will be possible, for example, to apply for a residence permit using it.
What are the current trends in the Cypriot housing market?
It is characteristic that the average budget has recently dropped significantly, that is, there are either buyers with a small budget who have usually lived in Cyprus for a long time and want to buy something with a mortgage or installments, or buyers with extra-large budgets – 10-20 million euros. The second group includes people who have European money and who want to invest it in order to earn income. Plus, the heavyweights who work with cryptocurrency have caught up. They also make meaningful purchases. We actively sell entire buildings, office buildings, and residential buildings to investors…
There are significantly fewer buyers with an average budget (for Limassol it is from 500,000 to 1 million euros).
As for the price trend, everything is steadily increasing. On average, real estate prices are rising by 15-20% per year, and demand remains consistently high.
We forecast continued steady growth in 2025, unless something extraordinary happens.
As for the regions, they are all developing well: Limassol, Paphos, Larnaca, Nicosia, an inexpensive place to buy a home. There are traditionally more Europeans, Poles, and Germans in Paphos, more Russian–speaking people in Limassol, and Jews and Arabs in Larnaca. Larnaca has been shooting up lately, and there are many new projects in the premium segment. Paphos is actively growing, Limassol is not far behind.
Thailand
Svetlana Kasatkina, Managing PartnerExotic Property: “In 2024, there were fewer requests for the purchase of housing for permanent residence compared to 2022 and 2023.”
A lot of new developers have come to Phuket. Some of them are Thai, from Bangkok. That’s good, they inspire confidence. But some of them are foreign investors who have bought land and are implementing projects without business experience and reputation in Thailand. We recommend that customers carefully consider the choice of the company!
There is a lot of competition among developers, and they are offering more and more interesting designs and an even richer infrastructure in the complexes, which now includes coworking spaces, cigar rooms, and libraries. Separate buildings are being designed for those who have pets. Eco-friendly projects using solar panels and other energy-efficient devices and technologies are emerging.
In general, the demand for real estate in Thailand continues to grow after the pandemic. Housing prices are going up. Since the beginning of the pandemic, apartment prices in some projects that were under construction at the time and are now completed have increased by 2 times. The number of new facilities is growing.
I would like to note that Russians, due to difficulties with swift transfers, began to buy more apartments and villas in leasing (long-term rentals on 30+30+30 and more years). With this form of ownership, payment can be made in any way, while when registering a freehold (full ownership), funds must be transferred to Thailand only from abroad to the Thai account of the developer.
Another trend is that in 2024 there were fewer requests for the purchase of housing for permanent residence compared to 2022 and 2023. There are still many foreigners looking for real estate for investment, as well as for vacation or rental purposes. The average check in Phuket is 200,000 dollars.
The beginning of 2025 in Thailand will coincide with the peak of the tourist season, so market activity is expected to be high. We are already receiving a lot of requests from those who are planning a trip for the winter holidays. Moreover, tours to Thailand are the most expensive in winter, so the most well-off guests usually come. In summer, demand always goes down.
The activity of Russians in the Thai market will depend on the ruble exchange rate. If the ruble falls further, it may take time for investors to get used to the new levels.
Portal HomesOverseas.ru Thanks to the real estate and immigration experts of partner companies who collaborated with our editorial staff and shared valuable information with our readers in 2024!
Read also:
The results of 2023 in the housing markets of Turkey, Montenegro, Spain, the United Arab Emirates, Thailand, Italy and other countries
The results of 2022 in the foreign real estate market and the forecast for 2023
Photo used: Depositphotos.com
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