Hungary became the most popular country for buying housing among Russians; according to the results of January – October 2023, it accounted for 13% of demand. As RBC reports, such data was provided by Anna Larina, director of the foreign real estate department of NF Group.
“Last year, the most popular were Turkey and the UAE, because these countries made it possible to easily transfer funds, buy real estate and provide migration status. Cyprus is also loyal to Russia,” said Larina. “This year the picture has changed and now Hungary is in the lead, Cyprus has risen to second place. Türkiye dropped to third place,” she added.
The expert explained the leadership of Hungary by the residence permit program, the registration period for which is only two months. After which the investor must buy real estate worth 250 thousand euros or more within six months. Cyprus, which came in second place in 2023, is popular due to its residence permit program. It accounted for 12% of demand. “Interest in this country could also increase amid rumors of Cyprus’ possible entry into the Schengen zone,” she added.
The top three is completed by Türkiye, which was in the lead last year. In 2023, this country will account for 10% of demand. Among the reasons for the decline in Russians’ interest in Turkey are the sharp rise in real estate prices, events in the country (elections, earthquake) and difficulties with money transfers.
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