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Real estate (Russian market)
Main article: Real estate (Russian market)
2023
Real estate sales in Bali to Russians increased 1.5 times
Real estate sales on the Indonesian island of Bali to Russians in 2023 increased 1.5 times compared to 2022 - from 650-700 to 1050 transactions. Such data in January 2024 was published in the consulting company Ricci. Read more here.
Rise in demand for real estate in the UAE by 56% in the first quarter
From January to March 2023, Russian demand for real estate in the UAE increased by 56%, analysts at Emirates.Estate.
2022
Russians come out on top in the number of purchased real estate in Turkey - 16,312
Russians have become leaders in buying apartments in Turkey. In 2022, foreigners acquired 61.74 thousand residential buildings in Turkey, which is 20.23% more than in the same period last year, the Bureau of Statistics Turkey(TURKSTAT) reported.
The first place among foreigners who purchased residential real estate in Turkey was taken by Russians. They accounted for 13.9 thousand lots.
That's up from the previous six years combined.
In August 2022, Russians bought almost 1,300 real estate objects in Turkey. For 8 months of 2022, citizens Russia purchased more than 8,100 objects in the country. For 8 months of the year, they acquired 51% more objects than for the entire last year.
In October 2022, Russian citizens purchased 2 thousand houses and apartments in Turkey, overtaking all other foreign home buyers in this country, TURKSTAT reported.
In November 2022, Russian citizens purchased 2,575 houses and apartments in Turkey, overtaking all other foreign home buyers in this country - TURKSTAT.
Russians bought 15,164 real estate in Georgia
Against the background of the conflict in Ukraine, Russians in 2022 bought 15,164 real estate in Georgia.
Real estate sales in Dubai updated the record thanks to Russians
In 2022, more than 90 thousand real estate transactions were completed in Dubai, which is a record figure for the emirate. The previous maximum date was 2009, when 81.8 thousand real estate purchase/sale transactions were registered. This was reported in January 2023 by Bloomberg, citing data from CBRE Group. Read more here.
Thailand for the first time entered the top 10 countries for the purchase of real estate by Russians
Thailand for the first time entered the top 10 countries for the purchase of real estate by Russians. This became known on September 20, 2022 following a study conducted by the Prian.ru portal (specializing in foreign real estate) in January-August 2022. Read more here
2021: Russians increase property purchases in Turkey by 75%
In 2021, citizens Russia bought Turkey 5379 real estate objects against 3078 a year earlier. Thus, sales of apartments and houses to Russians in Turkey increased by almost 75% over the year. This is evidenced by the data of the Turkish Statistical Institute (TUIK), published on January 18, 2022.
TUIK experts attribute the increase in demand for the purchase of real estate in Turkey to the sharp collapse of the Turkish lira, when in November 2021 the national currency fell by a third compared to the beginning of the same year.
That is why Russians were especially active in buying housing in Turkey in November and December 2021: these two months accounted for almost a third of all transactions - 1.7 thousand purchases, which is 2.2 times more than in the same months of 2020.
The weakening of the lira has made life cheaper for Russians and, in general, for foreigners in Turkey, says Sergey Volchenkov, development director of the real estate agency Tolerance. But the main reasons for the growth in demand for housing, he calls the COVID-19 coronavirus pandemic, because of which more people were able to work remotely, and the deferred demand of 2020, when in some months entry to the country was limited. Turkey's choice is also determined by the fact that this country is traditionally popular for tourism and, unlike others, has been open to Russians for almost the entire 2021, Volchenkov adds.
Skolkovo Realty CEO Boris Boriskin explained to RBC that Turkey is one of the most popular countries for obtaining a passport or residence permit. Turkish citizenship can be obtained by investing at least €250,000 in real estate in the country (data for January 2022).
In total, foreigners bought 58,576 houses and apartments in Turkey in 2021, which is 43.5% more than a year earlier. They mostly bought accommodation in Istanbul (26,469), followed by Antalya (12,384) and Ankara (3,672).[1]
2020: Growth of the average investment of Russian-speaking investors in foreign real estate to €620 thousand
The average investment of Russian-speaking investors in foreign real estate at the end of 2020 amounted to €620 thousand against €300 thousand a year earlier. This was announced in July 2021 at the Tranio brokerage.
In different countries, the average deal budget varies. Investors will need the largest amount in Austria - there the average check reaches €3 million. The most affordable for real estate investments were Bulgaria (€180 thousand) and Thailand (€200 thousand).
Most often, Russians bought housing abroad in order to obtain citizenship or a residence permit, 48% of respondents confirmed. Also, foreign real estate will help preserve and increase capital and protect against economic and political risks, investors are sure.
According to experts, restricting travel abroad amid the COVID-19 coronavirus pandemic was the main brake on the cross-border real estate investment market last year. Most Russian-speaking businessmen prefer a personal presence in such transactions, despite the development of remote investment.
The study is based on the results of a survey of 414 experts from 35 countries in Europe, America and Asia, popular among Russian-speaking investors. In the comments on the question, respondents noted that investor activity decreased mainly due to buyers with a small budget, while large investors continued to invest, as before. In some countries (for example, Germany), respondents observed high pent-up demand and are counting on a sharp rise in the market after the opening of borders.
According to 44% of respondents, the demand of Russian-speaking buyers for residential real estate fell by more than 20% compared to 2019. At the same time, Britain was the only country where the activity of Russian-speaking investors in 2020 increased.[2]
Notes
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