Real estate experts speaking to Forbes revealed that demand from Russians for properties in Türkiye has dropped by 27.5% compared to the previous year. The decline is attributed to price hikes and increased thresholds for citizenship programs. Although Türkiye remained in the top 10 countries where Russians bought property in the first half of 2024, demand decreased by 36% year-on-year.
The second most popular destination for Russian investors is the United Arab Emirates, particularly Dubai, which is experiencing a significant change. According to Forbes, property sales in Dubai surged by 61% in the first half of 2024. Investors are gravitating towards the secondary market and commercial real estate, with a rising trend in "fix-flipping" — buying, renovating, and selling second-hand properties.
Beyond Türkiye and Dubai, Russian investors are also showing renewed interest in Europe. Property demand in Europe has been rising in 2024, with countries like France, Spain, and Cyprus attracting Russian investors aiming for EU residency. However, the potential return on investment is becoming more crucial than residency permits.
Southeast Asia has become a top region for Russian investors. From January to March 2024, Russians purchased 9,300 properties in Thailand. Bali in Indonesia and Vietnam are also gaining interest. Property investments in Thailand range between $150,000 and $400,000, offering attractive and affordable options.
In 2024, the overseas property market saw a shift from amateur investors to more experienced and well-funded professional investors. Experts interviewed by Forbes noted that the market now exhibits more conscious and pragmatic approaches. Amateur investors primarily prioritize investment returns.
Russian investors are increasingly buying properties for investment rather than for residency or citizenship purposes. For instance, 72% of property purchases in the UAE are investment-driven, while only 28% are for personal use. This trend indicates growing interest in investment projects and volatile markets in the real estate sector.