Hungary and Cyprus are ahead of Turkey in terms of Russians’ interest in buying real estate – Kommersant
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In January-October, Russians most often considered Hungary and Cyprus for purchasing real estate, according to data from the consulting company NF Group, which analyzed RBC. Last year, the leaders for purchasing real estate among Russians were Türkiye and the UAE.
The top five most popular countries also included Türkiye, Indonesia and Greece. The main purpose of purchasing real estate for 61% of Russians is to obtain a residence permit or citizenship. Meanwhile, compared to last year, Russian citizens began to more often buy real estate for the purpose of investment (20%) and personal residence (17%).
Experts explain the described trends by the fact that Hungary has an accessible program for obtaining a residence permit when purchasing real estate, which does not require permanent residence. Cyprus, in turn, allows you to quickly obtain permanent resident status after investing in real estate.
After the entry of Russian troops into Ukraine, Russians had fewer opportunities to conduct real estate transactions in some European countries. Thus, in October, Finland announced its intention to simplify the procedure for confiscation of real estate from Russians who do not properly fulfill their obligations to maintain it.
Why European investment programs in exchange for citizenship or residence permits are flourishing, despite calls to ban them – in the material “Golden visas cannot be strangled or killed”.
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