Demand for foreign real estate more than doubled in Russia, compared to 2021

The Russian buyers’ demand for foreign real estate has increased by a factor of 2.3, compared to 2021. Compared to the 2019 pre-pandemic demand for properties abroad, this is a 1.7-fold increase.

The Russian real estate brokerage site Prian.ru notes that about 80 percent of prospective customers end up closing actual deals. 75 percent of prospects buy real estate abroad to use as primary residences.

“The share of people who buy a seaside cottage to visit every now and then has shrunk,” says Filipp Berezin, Prian’s editor-in-chief.

The main causes of this shift are the war with Ukraine and mobilization in Russia. Analysts identify Turkey, United Arab Emirates, the Republic of Georgia, Montenegro, Thailand, and Bulgaria as spots of particular interest for people seeking to leave Russia.

Marina Shelayeva, managing partner at Parus Real Estate, also notes an increased demand for European properties, offset by new difficulties faced by Russian nationals when trying to close on real estate in Europe.