In the first nine months of 2026, Cyprus and Greece improved their positions in the ranking of destinations chosen by Russians for buying property abroad. At the same time, the average transaction budget increased, reaching €298,000.
The share of inquiries for property purchases in Cyprus rose from 5.4% to 8.1%. As a result, the island moved up from sixth to fourth place in the ranking of popular destinations. Greece also strengthened its position, taking fifth place after increasing its share of inquiries from 5.4% to 7.3%. These figures indicate growing interest among Russian buyers in Mediterranean real estate.
Which countries do Russians choose for property purchases?
In the first nine months of 2026, Thailand remained the most popular destination among Russian buyers, although its share of total inquiries declined from 22.9% to 17.8%. Turkey ranked second, increasing its share from 8.4% to 10.2%. The United Arab Emirates remained in third place, with its share rising from 8.3% to 9.8%. Cyprus moved up to fourth place with 8.1%, while Greece ranked fifth with 7.3%.
Georgia entered the top 10, sharing sixth place with Montenegro. France, Spain, and Italy followed in the ranking. Bali, which had previously attracted foreign buyers, dropped out of the top 10. Among the main reasons cited for this trend are concerns related to building permits and the legal status of land plots.
Why Cyprus and Greece attract investors
According to experts, the popularity of Cyprus and Greece among Russian buyers is partly linked to the possibility of combining a property purchase with obtaining residency, provided that all applicable requirements are met. Cyprus operates a permanent residency program for investors. One of the available options requires an investment of at least €300,000 in qualifying real estate. Applicants must also meet the program’s other conditions, including requirements related to the source of funds and income.
Greece operates a Golden Visa program that allows investors who meet the established criteria to obtain residency. The minimum investment amount depends on the type of investment and the location of the property, with higher thresholds applying to certain categories of real estate. It is important to note that neither buying property nor obtaining a Golden Visa in Greece automatically grants citizenship. Current program requirements should always be checked before purchasing property or submitting an application, as immigration rules and investment conditions may change.
Average budget for overseas property purchases increases
The median budget of Russian buyers purchasing property abroad increased by 9.5% year over year, reaching €298,000. The rise was influenced by a greater share of inquiries for destinations with relatively high purchase budgets, including Turkey, the UAE, and Cyprus. Typical inquiry budgets in these markets range from €300,000 to €350,000.
For comparison, in 2025 the overall figure was more heavily influenced by strong interest in Thailand, where condominium apartments typically cost between €120,000 and €150,000. More affordable housing helped keep the median budget lower. The growing interest in Cyprus is therefore also accompanied by an increase in the amount Russian buyers are prepared to consider spending on overseas real estate.
What is driving interest in Cyprus real estate?
Among the factors contributing to interest in the Cyprus property market are expectations surrounding the island’s possible accession to the Schengen Area, as well as discussion of potentially stricter conditions for the permanent residency program. However, these factors should be considered separately from confirmed legislative changes. Cyprus’s possible accession to the Schengen Area should not be treated as a guaranteed event with a fixed date, and proposed changes to the investment residency program should not be presented as rules already in force without official confirmation.
For property buyers, immigration opportunities are only part of the decision. Property prices, potential rental income, maintenance costs, and legal due diligence are also important. The increase in the share of inquiries shows that Cyprus is becoming a more popular destination among Russians considering overseas property purchases. At the same time, the statistics reflect buyer interest rather than the actual number of completed transactions.