Despite growing "translation difficulties", Russians remain interested in buying apartments and villas abroad. Moreover, at the end of the first quarter of 2024, the number of such transactions increased by 15%.
It is interesting to note that Cyprus has once again made it into the top 5 destinations for Russian citizens buying homes abroad. The island state was ranked fourth, behind Turkey, Thailand and the UAE. The fifth place was unexpectedly taken by one of the leading countries of the European Union - France.
It should be noted that about 40% of Russian buyers in the first quarter of 2024 made transactions with the purpose of obtaining a residence permit or, if the laws of the country allow it, a second citizenship. The average purchase cheque was 500 thousand euros. Investment transactions came in second place, accounting for 35% of total sales to Russians. A further 25% of properties were bought for permanent or seasonal residence.
It should be remembered that Cyprus is the only country in the EU which grants residence permits not only to investors, but also to spouses and children under the age of 18, without an interview, medical examination, language test or the need to live in the country.
The investment threshold in this case is 300 thousand euros. It should be said that Russian citizens prefer to buy comfortable one or two bedroom apartments in Cyprus, ranging from 50m2 to 80m2 in the city centre, 5-10 minutes walk from the coast. In Paphos, the average value of a transaction with Russians in the first quarter of 2024 was 300 thousand euros, in Limassol the average transaction value was significantly higher - 500 thousand euros.