The increase in prices for buying and renting houses in Cyprus, Turkey and the United Arab Emirates is largely due to the fact that these countries have become the most popular among Russians to purchase real estate abroad in 2022 The demand for housing in these areas was there before, but during the last year it has doubled on average. This has led to a decrease in the number of offers and a corresponding increase in the cost of real estate and premium rentals.
According to the Financial Times, citing various experts, those Russian millionaires who used to buy houses in Europe and now realized that they are “not welcome here”, are actively buying real estate in the United Arab Emirates.
According to the executive director of the Luxhabitat Sotheby’s real estate agency in Dubai, George Azar, in 2022, the Russians set a record in the number of real estate transactions – more than 86 thousand.
Of the homes purchased, 219 were worth more than $10 million, more than double what they were worth in 2021.
“Dubai has always been popular with Russians, but there has certainly been an increase in the last year in the number of people coming permanently looking for housing and family relocation,” says Richard Wynd, managing director of Betterhomes.
The analysis agency Knight Frank Research confirms the increase in the number of transactions and also notes a concomitant trend: the prices of premium real estate in Dubai increased by 44% and rentals by 25%.
A similar situation is observed in Turkey, where businessmen from the Russian Federation bought one in four properties (of which were sold to foreigners).
As a result, Russia is the leader among the representatives of foreign countries both in terms of buying homes in Turkey and in terms of the number of residence permits issued (153,000).
In total, the Russians bought more than 16 thousand houses, which is also twice as many as in 2021.
Demand for property in Cyprus among Russians is also very high, according to Ask WIRE’s Pavlos Loizou. The expert notes the increase in rent by 23% (on average) and a sharp decrease in the number of houses for sale in Limassol (as most have already been sold to “30-40-year-old young professionals” from Russia and the CIS).
Author:
Ekaterina Alipova
Source: RB
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