Russians' priorities have changed. According to the latest statistics, Cyprus is no longer among the top 5 destinations for Russian citizens buying property.
Their interest has shifted to countries such as the UAE, Hungary, France, Greece and Thailand.
Incidentally, according to the results of the third quarter, the UAE has become the leader among the countries in which Russians most often buy foreign property. It is interesting to note that last year Turkey was in first place.
The change of the leader is due to the introduction of a new policy of obtaining a Turkish residence permit, as well as difficulties with the transfer of funds, - said local market experts.
The second most popular country was Hungary, followed by France. However, a year ago these positions were occupied by the UAE and Cyprus. At present, the number of investment deals in France is increasing, with Paris remaining the most sought-after city due to the possibility of obtaining a residence permit relatively quickly and the prospect of citizenship. At the same time, the Russians' interest in Greece remains stable, ranking fourth as in 2023. Indonesia, which was in the top 5 last year, is joined by Thailand and Spain.
As for the main purpose of buying real estate, 71% of Russian citizens' acquisitions are related to obtaining a residence permit or citizenship, 17% - for personal residence, 12% - for investment. It should be noted that in 2023 these figures were different: 72%, 9% and 19% respectively.