The number of Russians nationals buying foreign property has more than doubled in 2022, reported Kommersant citing data from real estate publication Prian.ru.
“The share of those buying homes near the sea for occasional trips has decreased, many people are now buying homes abroad for permanent residence,” Kommersant quoted Prian.ru editor-in-chief Philip Berezin as saying.
Russians are most interested in buying real estate in Turkey, the United Arab Emirates, Georgia, Montenegro, Thailand and Bulgaria. Demand for apartments in Spain, Italy, Portugal and Greece has also increased by almost 20%.
According to real estate experts, further demand for overseas property can only be weakened by one factor – fluctuations of Russia’s national currency, the rouble.