Hungary and Cyprus have become leaders among Russian real estate buyers

Wealthy Russians have increased interest in buying real estate in Europe. This is reported by RBC with reference to data from the NF Group consulting company. The most attractive countries for January – October 2023 were Hungary and Cyprus. Last year, Asian countries led the way, primarily Turkey and the United Arab Emirates.

According to analysts, the main purpose of buying real estate abroad by Russians is to obtain a residence permit or citizenship of another country. Such interest was expressed by 61% of NF Group clients. An important factor is also the ease of business relocation and opening of bank accounts, as well as the possibility of unhindered movement across the countries of the Schengen Agreement.

The representative of NF Group, Anna Andreeva, explained that the growth in demand for apartments and houses in Hungary is connected with the ease of obtaining a residence permit for real estate owners, and a residence permit is issued immediately for five years, and the country does not require permanent residence in it. Cyprus also remains a stable market in demand. Investments in one’s real estate from 300 thousand euros allow you to get the status of a permanent resident.

Last year, wealthy Russians preferred to invest in real estate in Turkey and the UAE. The NF Group explains this by the fact that Turkey made it possible to easily obtain citizenship when buying real estate, and Dubai created attractive conditions for the relocation of business and capital.

Alexei Navalny’s team on Wednesday released an investigation into real estate in the UAE owned by members of the Russian State Duma and their families. Many of them are under EU sanctions, so they prefer Asian markets, the investigation claims. Thus, in 2022, the family of United Russia deputy Vladyslav Reznyk purchased two apartments in Dubai with a total cost of 185 million rubles, and another one this year. Pavel Fedyaev, a Russian national, also bought two apartments in Dubai. A brother, two children, and a nephew of Anatoly Byfov, deputy of the CPRF, each own an apartment in an elite Dubai residential complex. Other deputies of the State Duma and their relatives are also mentioned in the investigation.