“I don’t need the Turkish coast”
According to the results of the first quarter of this year, the interest of Russians in purchasing residential and commercial real estate abroad decreased by 50%. The volume of transactions involving Russians in Turkey has decreased almost threefold, according to Prian.ru analysts. There is also a cooling of the UAE housing market, which is loved by representatives of the IT industry.
Among the reasons that formed the new trend, experts named the weakening of the ruble and difficulties with withdrawing funds abroad. The tightening of the sanctions regime for Russians is also having an impact. For example, last year in Latvia, about 10 thousand Russians who bought country houses and apartments in this unfriendly Baltic country did not pass the mandatory Latvian language exam and received notices with instructions to leave the country. Many had to urgently sell foreign “squares” for pennies.
We add that experts have recorded an increase in interest in Greece, linking it with the upcoming tightening of conditions under the “golden visa” program, and in Hungary due to the restart of the program for obtaining an investment residence permit. Cyprus, Spain and France also continued to generate significant demand in the first quarter.
According to analysts, Russians continue to view foreign real estate as a relatively affordable asset for earning income abroad in dollars or euros.