Russians rushed to buy real estate in two European countries

This year, Russian citizens rushed to buy real estate in Hungary and Cyprus – from Turkey and the UAE, the focus shifted towards these two countries. NF Group analysts report this.

The most popular real estate among Russians, according to experts, is also in Indonesia and Greece. Mostly, housing in these countries is purchased to obtain a residence permit (residence permit) and citizenship (61 percent of applications). Approximately 20 percent of fellow citizens invest in foreign real estate, 17 percent purchase it for their residence, and 2 percent combine both.

Experts believe that the shift in priorities towards Hungary and Cyprus was influenced by international events. Anna Larina, director of the foreign real estate department of NF Group, noted that the demand for Turkish housing decreased significantly after the strong earthquake, and the number of applications for the purchase of housing in the UAE fell sharply in the summer.

Hungary is attractive for citizens of the Russian Federation due to its affordable prices for entering the market – the entry threshold for investments is at the level of 215 thousand euros per family. In this country, there is also no residence requirement; you also have the opportunity to move freely throughout the Schengen countries and unblock bank accounts in the European Union.

At the same time, Cyprus is consistently in demand among Russian home buyers, since people expect that this republic will join the Schengen Agreement, the expert concluded.