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What attracts Russians in real estate of southern Europe countries?

Interest in acquiring real estate abroad attracts not only Russians with a high level of income, but also the middle class, who, for various reasons, wants to acquire real estate abroad. The countries of southern Europe have traditionally attracted Russians by the presence of the sea and a pleasant climate, where you can spend time bypassing the Russian cold.

In addition to a pleasant pastime, Russians are striving to get a pleasant bonus for the purchase, which, at times, is the main driver for choosing properties abroad. Nonetheless, the desire to obtain a golden visa or residence permit plays an important role in choosing real estate.

Interest in real estate in Spain is spasmodic, but overall in 2019 interest decreased slightly. Moreover, more than 30% of interested parties are in search of inexpensive real estate. One in four is looking for real estate by the sea. The most interesting regions in Spain are Catalonia and Valencia.

The desire to buy properties in Italy among Russians has grown over the past year by about 15%. There is also an interest in real estate among buyers with a low budget – about 30%. Potential buyers are considering the purchase of both apartments and houses. At the same time, real estate near the sea is attractive only for 15% of buyers.

Real estate in Greece is attractive for Russians with a low budget, and mainly as a place to relax near the sea – 35%. Compared to the previous year, the demand for Greek properties decreased by an average of 15%.

Real estate in Portugal over the past year is becoming less popular among Russians. More than half of those interested in acquiring real estate abroad account for inexpensive real estate. Moreover, proximity to the sea is not a key criterion for the search and selection of real estate for purchase.

The interest in real estate on the island of Cyprus in the previous year among Russians broke all records due to the EU citizenship program in exchange for investment. This year, Russians continue to be interested in Cyprus real estate, but not with such an appetite. At the same time, potential buyers with a small budget make up a significant part of the market – about 50%. As a criterion for choosing a property in Cyprus is the proximity of the properties near the sea.

News

The most popular investment instruments for Russian citizens are savings accounts in banks, foreign

currency, real estate, life insurance and cryptocurrencies.

The real disposable income of Russians in the third quarter fell by almost 5% after a record drop of

8.4% in the second, Rosstat reported.

In September 2020, the monthly increase in consumer prices (as estimated seasonally adjusted) decreased to 0.25% compared to 0.38% in August, according to the next release of the information and analytical commentary “Dynamics of consumer prices”.

Consumer demand in the first seven months of 2020 in Russia decreased due to the coronavirus pandemic by an average of 6.7% relative to the result of January-July 2019.
Net capital outflow in January-August 2020 increased 1.7 times compared to the data for the same period last year – from $20 billion to $34.8 billion.
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