Return to Europe? Russian real estate buyers turn back to a familiar market
Real estate buyers from Russia, who have reduced their activities in the Middle East, are once again active in Europe. They are buying in Bulgaria, Montenegro, and Hungary. However, it is unlikely that the level of investment seen before the current crisis will be reached again.
Russian buyers of foreign real estate, who had previously reduced their activities in the United Arab Emirates and Turkey, are now turning back to familiar European destinations, according to the business newspaper Kommersant.
In general, demand for foreign real estate among Russians has declined in 2024, experts say. Many people interested in buying are thinking about investing in their own country. In the United Arab Emirates, this may have been influenced by a sharp rise in property prices and a general decline in the availability of residential property. And in Turkey, the declining interest in residence permits and citizenship programs as well as the introduction of stricter rental regulations played a role.
Central and Eastern Europe remains popular with Russian investors
On the other hand, Bulgaria is once again as popular as it used to be, property demand has risen by 40%, writes Kommersant. A similar situation can be observed in Montenegro and Hungary. Demand for real estate in Cyprus is also rising sharply.
The newspaper continues:
“Anna Larina, head of the foreign real estate department at NF Group, says that Hungary was in second place in terms of demand in the first half of 2024, due to the introduction of the so-called 'Golden Visa' program in that country. Among the most sought-after destinations were Cyprus, France and Spain, she adds. Asia remains a growing destination for Russian investors”.
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Source: RT
