Apartment of the World: Russians began to actively buy up real estate in Thailand
Russians were most active in buying real estate in Thailand in 2025, market participants told Izvestia. This country has surpassed the traditional leader, the UAE, in terms of demand. There was also a high interest in Turkey, Cambodia and Zanzibar. The main goal is long—term passive rental income, while the number of those who purchase housing for a residence permit (residence permit) or a second passport has decreased, experts say. For more information about other countries where Russians have bought real estate, see the Izvestia article.
Where Russians buy housing
More than 36% of Russians who are actively looking for foreign real estate to purchase consider Thailand. This was reported to Izvestia by the press service of the organizer of real estate exhibitions. MIPIF.com . At the end of the year, the kingdom showed significant growth and overtook the traditional leader, the UAE. 34.1% of potential buyers are interested in the Arab Emirates.
Turkey is in third place in popularity: demand for this country has grown almost one and a half times, reaching 26.8%. Indonesia and Spain are also among the top 5 destinations. Georgia is of the greatest interest among neighboring countries, as 15.5% of Russians consider it.
Among the more exotic destinations of interest to residents of our country, experts name Cambodia and Zanzibar. The demand for real estate in the first country has more than quadrupled in a few years, and in the second — by 3.5. And interest in housing in Northern Cyprus has declined amid active legal and political proceedings between the north and south of the island.
According to applications for the purchase of foreign housing, the top 3 includes Thailand - 31.9%, the United Arab Emirates — 15.5%, Turkey — 14.5%, Danis Latypov, CEO of Floors in Dubai, confirmed. Kazakhstan, Northern Cyprus, Belarus, Armenia, Bulgaria, Azerbaijan and Serbia are also in the top ten.
"The share of Russians among buyers of real estate in the UAE has really decreased," he said. — If in 2022 our citizens were in the first place, now they are in the ninth place in terms of activity among consumers from other countries. At the same time, the market as a whole remains very active — the number of transactions in 2025 increased by 18-20% compared to 2024.
According to the expert, our citizens were attracted by the high potential speculative profitability, which was formed, among other things, due to the unstable exchange rate. Price growth in the UAE's most active market, Dubai, has slowed down so far.
Anna Larina, Director of the Department of Foreign and Resort Real Estate at NF Group, said that the UAE, Serbia, Thailand, Indonesia and Turkey are in the top.
According to Kalinka Ecosystem analysts, by the end of 2025, the most attractive resort destinations for investment with a high tourist flow are the United Arab Emirates, Thailand, Montenegro, Greece, Cyprus, Turkey, Saudi Arabia, Oman, Indonesia and Zanzibar.
"Russians are buying housing there to capitalize on an asset in the medium term, three to five years, based on a shortage of land and infrastructure development," the analysts noted.
The demand for trips to the UAE has grown the most over the year: the share of hotel bookings has increased by 12%. There was also an increased interest in traveling to Spain (+5%) and Turkey (+2.3%), said Elena Shelekhova, head of the OneTwoTrip travel planning service. But the rest of the countries showed negative dynamics. The share of hotel orders in Georgia decreased by 5.5%, in Thailand — by 2.5%. The demand for Cyprus is 0.4%, Cambodia and Zanzibar — 0.1%.
What awaits the foreign real estate market
The average purchase budget is $250-500 thousand, said Anna Larina.
"There has been no significant increase in consumer budgets in 2025," she said. — To a greater extent, the dynamics of the budget is influenced by the exchange rate — with the strengthening of the ruble, customers can afford more investments. We are currently seeing an increase in demand due to the favorable dollar and euro exchange rates.
Thailand has a more budgetary history now, and the trend for buying real estate there is still gaining momentum, so many are counting on another speculative story, Danis Latypov believes.
— Sooner or later, this market will become saturated and the availability of liquid real estate will decrease. So far, it is quite possible to start a search there from 10-12 million rubles," the expert believes. — But Russians don't have many guaranteed options for investing in foreign housing.
The choice of countries is largely determined by practical factors, said Anna Larina. Our citizens are considering properties in those countries where it is possible to purchase real estate without additional restrictions.
— That is, where direct flights are available and where a residence permit or a second passport is not required to purchase an object, — she said. — The friendliness of the country and the opportunity to comfortably and regularly use the facility are also significant criteria.
The main demand from buyers now is long—term passive rental income, the CEO added. MIPIF.com Dmitry Savateev.
— At the same time, over the past couple of years, the proportion of those who are considering purchasing real estate solely for the sake of a residence permit or a second passport has noticeably decreased, although there are also such requests, — he said. — This is understandable: the Golden Visa program in Spain has been closed, and obtaining a residence permit in Greece has become more difficult due to additional bureaucratic factors.
Therefore, according to him, Russians are increasingly looking for sales starts and early stages of construction.
In 2026, a significant increase in the average budget is expected in both segments of the Thai market: for the primary, the projected average lot budget is $150,000, and for the secondary — $220,000, Kalinka Ecosystem believes. In addition, demand is projected to remain in the currently popular locations — as of the end of January, its level is comparable to the same period in 2025, said Anna Larina. However, everything will depend on a combination of external factors.
—The geopolitical situation continues to influence the activity of markets in different countries," she said. — At the same time, the exchange rate plays an important role: its improvement can provoke a new surge of consumer interest.
Why do people buy abroad
Thailand attracts Russians by three parameters, said Igor Rastorguev, a leading analyst at AMarkets. For example, you can buy a studio from $50,000, which is significantly lower than in the UAE or Turkey for comparable locations.
— Secondly, the profitability from renting out housing reaches 10-14% per annum, while deposits in Russian banks bring about 17%, but taking into account currency diversification and asset value growth, Thai real estate looks attractive, — said the expert. — Thirdly, there are no restrictions - apartments in condominiums can be bought in full In addition, Thailand has become a BRICS partner since January 2025, which simplifies cooperation.
In addition, the purchase decision is influenced by the climate and developed infrastructure, which make real estate not only an investment, but also a way to improve the quality of life.
According to Rosstat, about 32% of working Russians receive salaries in excess of 100,000 rubles, and real incomes of the population increased by 8-10% in 2025. At the same time, 87% of our citizens own real estate, and 41% own two or more properties.
— That is, we are talking about the "upper middle class" and above — those who have accumulated capital in recent years or have a stable high income, — Igor Rastorguev explained. — According to various estimates, there are about 400-450 thousand dollar millionaires in the country. It is this group that generates demand for foreign assets.
The main risk in such acquisitions is legal difficulties: foreigners cannot own land directly, only lease for 30 years with the possibility of extension, he added. There have been cases of fraud on the part of developers, especially at the excavation stage.
— Liquidity is also an issue: it is not always possible to sell housing quickly, especially in the secondary market, — said the expert. — Therefore, the main recommendation is to work with trusted agencies, be sure to involve lawyers to verify documents and consider the purchase as a long—term investment, not a speculative tool.
The desire to buy property abroad may be due to a combination of several motives, said Tatiana Goldman, a practical psychologist and member of the Association for Cognitive Behavioral Therapy. It is based on the desire for comfort and quality of life.
"For residents of regions with harsh climates, owning a house by the sea is becoming a way to compensate for the lack of heat, sun and natural diversity," she said. — This is not an escape, but a natural desire for balance — to be able to change the environment, to spend time in a different climate zone.
In addition, real estate in popular destinations is perceived as a marker of success, the psychologist added. People want to fit in with their surroundings, to be part of a certain circle, and as a result, a social comparison mechanism is triggered. If friends have apartments in Turkey or Thailand, they want to keep up.
"This is a normal human need for recognition and self—affirmation," she says. — The protective function of such a purchase cannot be ignored. Investing in foreign real estate reduces the level of anxiety about the future, gives a sense of control over the situation.
A separate category of buyers appreciates the comfort of home while traveling. For them, a hotel is an alien space where it is impossible to completely relax. Having an apartment abroad solves this problem: you can arrange everything for yourself, have familiar things, and live in your own rhythm, she concluded.
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