Russians have increased demand for real estate in Europe

Russians have increased demand for real estate in Europe. This was reported to "Izvestia" in the agency of foreign real estate Intermark Global on the results of the study of the behavior of Russian buyers in 2024.

"The growth of activity of Russians in Europe is due to a decrease in demand in other directions. As a result, the demand for real estate in Europe increased by 6 p.p., amounting to 26% in 2024 against 20% in 2023," - said Irina Mosheva, managing partner of Intermark Global.

According to her, Europe has always attracted Russians by registration of residence permits for investment, as well as non-investment residence permits, which do not contain a requirement for permanent residence in these countries, which makes it comfortable to use such programs to combine the life interests of applicants with the possibility of living in other countries and the choice of tax residency.

"It is worth understanding that when it comes to European countries, the demand of Russians in 90% of cases is motivated by immigration purposes. But it may not always be directly related to moving to the country. The interest is primarily dictated by the possibility of opening accounts in European banks, doing international business, opening companies and visa-free travel around the world," explains Irina Mosheva.

The most popular for obtaining a European residence permit were France with a share of 37%, Spain - 20%, Cyprus -14%. Demand for residence permit programs in France by the end of 2024 increased by 80%, this program is the most affordable in terms of cost, the price range is within $15-30 thousand.

At the same time, the average check of investments in real estate in Spain at the end of 2024 amounted to $ 700 thousand, and in real estate in Cyprus - $ 500 thousand.

Russians were also interested in investing in real estate in the UK, but in a small average check of $350 thousand, the share of such transactions amounted to 7% of all purchases of Russians in Europe. Portugal with an average check of $550 thousand together with Greece with an average check of $300 thousand accounted for 12% of all European purchases.

"In general, at the end of 2024, we can talk about the stabilization of demand of Russians for real estate and residence permit programs in Europe. Especially this stabilization is noticeable against the background of reduced activity in other foreign markets. I believe that next year the demand will remain at about the same level, although the popularity of certain countries will vary depending on changes in the conditions for obtaining a residence permit," - concluded Irina Mosheva.

Flight options: Russians have become less likely to buy housing abroad

The number of transactions over 2024 fell by 25% and the value of the real estate purchased fell by a third

Earlier, January 20, it was reported that in 2024 Russians bought housing abroad by 20-25% less often. The main reasons for the decline were numerous restrictions, problems in currency settlements and difficulties in obtaining a residence permit. The popularity of European countries is decreasing every year. Growth has also been recorded, but in new destinations. Thailand, Bali, Montenegro and Georgia became more popular by 20-25% over the year.