Content of the article:

• Change of leaders: Turkey and the Emirates decline in popularity
• Thailand is a sought—after destination
• Bali — new prospects in the real estate market
• Georgia — low entry threshold for investments 
• Europe is not losing ground: Greece, Spain, Cyprus, Hungary

Over the past two years, Russian citizens have significantly increased their interest in buying real estate abroad. But at the same time, the coordinates of the leading countries are constantly changing. So, in 2023, countries such as Turkey (15% of demand) and the Emirates (21%) were at the peak of popularity among Russians when buying real estate. Most of all there were requests for Dubai, Antalya and Istanbul — cities with great prospects for doing business and comfortable living. In 2024, the UAE, which opened the ranking of popular countries last year, has shifted two positions lower and now occupies the third place. This has also affected the number of applications, which have decreased by 25% since the beginning of 2024. According to our experts, this is due to the rise in real estate prices in popular regions of the Emirates and the opening of the real estate market in countries such as Qatar and Saudi Arabia. In particular, the interest of Russians in the real estate market of Oman has grown. Buying an apartment or a house makes it possible to obtain a residence permit in Oman or open a company with attractive taxation. At the same time, real estate here is several times cheaper (1.5-2 times) than in the Emirates. Oman is also attractive for investment projects, as there is a high potential for asset value growth. 
Turkey, like the Emirates, also weakened its position somewhat and went down even lower. Today, it ranks fifth in the ranking of the top countries popular with Russian customers. The total number of applications in this country decreased by almost 28% compared to last year. So, in October 2022, Russian citizens purchased 2,022 thousand real estate objects in Turkey, and in October 2023, only 713 objects (the indicator decreased by 64%). However, Sergey Tumanov, General Managing Partner and founder of VelesClub Int., who lives in Turkey, notes that the country is still relevant for our compatriots and closer to summer, most likely, the demand for real estate in Turkey will increase again. 

Which countries are in the lead? Focusing on the data on our clients' transactions, experts note that Asia is coming out on top in popularity. And, according to statistics, Thailand occupies the leading position. I am pleased with how Oksana Sharakina, the official representative of VelesClub Int, noted. in Thailand, that: "Our clients approach the purchase of real estate more consciously. They don't just buy just to buy. And they ask for advice on taxes, installments and proper paperwork.” Demand for Thailand is also growing due to simplified financial transactions, unlike Turkey and the UAE. In Thailand, payments are accepted in rubles and cryptocurrency, which is officially allowed in the country. Tai is also attracted by investment opportunities and rental income. Most of the offers from developers come immediately with a guaranteed return (7% — 10% per annum).
Such a sharp change of course towards Asia is being observed by many foreign real estate companies.

Thus, Denis Perkovsky, Head of the Foreign Real Estate Department at Barnes International Moscow, noted: "The growth in demand among Russians for real estate in Thailand is influenced by the low entry threshold (from $150 thousand per object), visa programs, low inflation and the stability of the local currency (baht)."
Demand is growing not only for Thailand, but also for the Indonesian destination - Bali. Initially, the flow of tourists in the country increased (especially after the pandemic). But with the appearance of new developers on the real estate market, many Russians have also become interested in buying real estate. Moreover, as experts emphasize, most of the transactions are concluded in order to generate income from further rental housing. Bali has not yet entered the top five, but the number of transactions involving Russians is growing rapidly. Today, the top five countries that are popular with Russian citizens include:

• Thailand 
• Georgia 
• UAE
• Greece
• Turkiye 

It is significant that Georgia, which was not even in the top five last year, became a leader in the first quarter of 2024. First of all, this is due to the low entry threshold for investments. For example, in Batumi, you can start with 30,000 dollars. And when buying a property in the amount of 100,000 dollars, you can get a residence permit. Moreover, the registration of property does not take much time, sometimes documents can be obtained in one day. And thanks to the influx of immigrants into the country, rental rates jumped in popular cities — Tbilisi and Batumi, which increased the profitability of real estate by 10%. 

Despite the cancellation of the "golden visa" in some EU countries, Europe does not give up its position, and countries such as Cyprus, Greece, Spain, France, and Germany are still popular with Russian citizens. The main demand factors are:

• the possibility of obtaining a residence permit and, as a result, the prospect of joining the Schengen countries and the opportunity to travel around Europe in a visa-free regime;
• business relocation;
• the possibility of investment projects; 
• the possibility of obtaining citizenship in a simplified mode. So, in Germany (thanks to new amendments to the citizenship law), you can get a passport after 5 years (previously 8 years) without renouncing your first citizenship (previously only EU citizens were allowed).

In 2024, Russians became interested in another European country, which opened up new opportunities for obtaining a residence permit when buying real estate from $ 155,000. This is Hungary. Clients like that when obtaining a residence permit, the country does not require permanent residence in it. In addition, Hungary issues one of the longest residence permits in Europe — for 5 years (most for a year or 2). And, of course, it is significant that Hungary is significantly more attractive than many European destinations in the price range. 
Perhaps in the second quarter of 2024, the picture will change a little, and “shadow countries” will suddenly enter the market, or maybe the leaders will regain their positions. 

In any case, the company VelesClub Int. It closely monitors fluctuations in the real estate market and guarantees its clients the opportunity to make high-quality and legitimate transactions with all leading countries.