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Statistics: In 2022, Russians bought up thousands of apartments in Turkey, Georgia, and Dubai

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The authorities of Turkey and Georgia reported a record number of real estate deals concluded by Russians in these countries during the 12 and 9 months of 2022, respectively. The high activity of buyers from Russia was noted by official sources from Thailand and Spain based on the data on registration of ownership rights in 2022.

Official sources in the UAE as well as in many EU countries, popular among Russian investors, did not disclose statistics on foreign transactions. According to Tranio, in 2022, the top 10 countries for buying property abroad, along with the countries mentioned above, included Greece, Cyprus, Montenegro, France, and Italy.

Top 10 countries popular among Russians for buying property
Tranio’s data on applications from Russians for the 12 months of 2022

The Middle East has become the main direction of real estate investments for Russians: the number of deals is in the thousands

According to Tranio, the demand of Russian-speaking clients to buy property in Turkey over the past year increased by more than 3 times (by 267%), in the UAE — by more than 4 times (by 368%).

The Turkish authorities confirm the high activity of Russians on the local market: in 2022, Russian citizens purchased 16,432 residential properties in Turkey. According to TUIK, foreigners bought 67,490 properties in total, in other words, Russians accounted for about a quarter of all deals. According to Tranio, the median budget of Russian-speaking home buyers in Turkey was 142,000 euro.

Property for sale in Turkey 9,377 listings on Tranio
New large residence with hotels and yacht marinas in the heart of Istanbul, Turkey for From $840,000 From $840,000
New large residence with hotels and yacht marinas in the heart of Istanbul, Turkey

Built in 2025 Total of 660 apartments

New residence with swimming pools and a park close to a metro station and highways, Istanbul, Turkey for From $410,000 From $410,000
New residence with swimming pools and a park close to a metro station and highways, Istanbul, Turkey

Completion in: 2025.II Total of 141 apartments

New apartments with a picturesque view in a guarded residence, near the parks and the metro station, in the heart of Istanbul, Turkey for From $530,000 From $530,000
New apartments with a picturesque view in a guarded residence, near the parks and the metro station, in the heart of Istanbul, Turkey

Completion in: 2026.II Total of 295 apartments

New residence with swimming pools and green areas close to well-developed infrastructure, in one of the oldest and largest areas of Istanbul for From $665,000 From $665,000
New residence with swimming pools and green areas close to well-developed infrastructure, in one of the oldest and largest areas of Istanbul

Completion in: 2025.IV Total of 1050 apartments

New residence with a swimming pool and a mini golf course close to a metro station and universities, Istanbul, Turkey for From $240,000 From $240,000
New residence with a swimming pool and a mini golf course close to a metro station and universities, Istanbul, Turkey

Completion in: 2025.IV Total of 167 apartments

Modern residence with swimming pools and gardens near a metro station, Istanbul, Turkey for From $244,000 From $244,000
Modern residence with swimming pools and gardens near a metro station, Istanbul, Turkey

Completion in: 2025.IV Total of 781 apartments

Residential complex with park views, near the Financial center, Istanbul, Turkey for From $530,000 From $530,000
Residential complex with park views, near the Financial center, Istanbul, Turkey

Built in 2023 Total of 2750 apartments

New residence with a shopping mall and green areas close to a beach and a highway, Zeytinburnu, Istanbul, Turkey for From $384,000 From $384,000
New residence with a shopping mall and green areas close to a beach and a highway, Zeytinburnu, Istanbul, Turkey

Completion in: 2025.IV Total of 153 apartments

In the UAE property market, the vast majority of investments fall on Dubai: this emirate has the most areas where foreigners can purchase apartments, houses, and land plots in full ownership (freehold), and not only in long-term lease (leasehold). Many Dubai property market experts have noted a sharp increase in demand from investors from Russia; however, the Emirate Land Department (DLD) has not yet provided any official data on the buyers’ citizenship.

In 2022, the total number of real estate deals in Dubai reached 97,252, according to DLD. Tranio estimates that Russians have purchased at least 15,000 of these properties. If we also include the CIS citizens’ deals, then the total result can be about 20,000 properties. The median budget of buyers was 300,000 euro, according to Tranio’s statistics.

Dubai property for sale 1,023 listings on Tranio
Investment apartments in The Community at 9% per annum in the heart of the Motor City area, Dubai for From $140,000 From $140,000
Investment apartments in The Community at 9% per annum in the heart of the Motor City area, Dubai

Yield 9.0% Completion in: 2025.IV

New residence The Community Sports Arena with a swimming pool and a lounge area, Dubai Sports City, Dubai, UAE for From $158,000 From $158,000
New residence The Community Sports Arena with a swimming pool and a lounge area, Dubai Sports City, Dubai, UAE

Completion in: 2027.IV Total of 210 apartments

New apartments for residence permit and investments in the complex The Central Downtown with first-class infrastructure in Arjan area, Dubai for From $203,000 From $203,000
New apartments for residence permit and investments in the complex The Central Downtown with first-class infrastructure in Arjan area, Dubai

Yield 8.2% Completion in: 2028.II

Apartments in the new residence The Highgrove with swimming pools, spa and restaurant in the area of ​​Nad Al Sheba 1/Meydan, Dubai for From $579,000 From $579,000
Apartments in the new residence The Highgrove with swimming pools, spa and restaurant in the area of ​​Nad Al Sheba 1/Meydan, Dubai

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Apartments in the new Ivory residence with swimming pools and a mini golf course in the Al Jaddaf area, Dubai for From $503,000 From $503,000
Apartments in the new Ivory residence with swimming pools and a mini golf course in the Al Jaddaf area, Dubai

Completion in: 2025.IV Total of 331 apartments

Apartments in the new Barari Lagoons residence with pools and green areas next to the American School and Global Village in Majan, Dubai for From $338,000 From $338,000
Apartments in the new Barari Lagoons residence with pools and green areas next to the American School and Global Village in Majan, Dubai

Completion in: 2028 Total of 300 apartments

Apartments with private pools in the new Ibiza complex, the Dubailand area, Dubai for From $231,000 From $231,000
Apartments with private pools in the new Ibiza complex, the Dubailand area, Dubai

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Apartments in the new residence One Beverly with pools, a mini-golf course in the area with developed infrastructure Arjan-Dubailand, Dubai for From $191,000 From $191,000
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Completion in: 2026.IV Total of 381 apartments

Last year, Russian citizens actively invested in real estate in Georgia: according to media reports, citing the data from the online portal of the Ministry of Justice of Georgia, in 8 months (from 01/01/2022 to 09/09/2022) citizens of the Russian Federation purchased 15,164 properties in this country, including 13,152 apartments. Given the surge in Russian demand for overseas property in October 2022, the total annual number is likely to significantly exceed 20,000 properties. However, in monetary terms, the volume of Russian investments in real estate in Georgia was less than in the UAE and Turkey: according to Tranio, the median budget of Russian-speaking buyers in this country last year was 80,000 euro.

In Europe, Russian investors choose Cyprus, Spain, and Greece, while in Asia — Thailand

According to Tranio, a significant proportion of requests from Russian-speaking clients are related to the purchase of real estate in European countries, primarily in Spain (8.0%), Greece (7.5%) and Cyprus (5.5%), as well as in Montenegro (4.3%), France (3.7%) and Italy (3.2%). By the end of January 2023, only a few of these countries published official data on real estate deals involving foreigners.

According to the Land Registry Offices of Spain, in 2022, Russians accounted for 1.81% of all property deals, or 1,685 in absolute terms. The activity of Russian investors in Spain only slightly decreased in 2022 compared to 2021, when they accounted for 1.9% of deals. Unlike some other countries, the Spanish authorities have not suspended the Golden Visa issuance for real estate investments for citizens of the Russian Federation, which helps to maintain Russian demand in this market. According to Tranio, the median budget of Russian-speaking clients for the purchase of real estate in Spain in 2022 increased to 220,000 euro, while a year earlier it was 200,000 euros.

Property for sale in Spain 9,321 listings on Tranio
Four-bedroom renovated apartment just 20 m from the sea, Vilanova i la Geltru, Barcelona, Spain for 540,000 € 540,000 €
Four-bedroom renovated apartment just 20 m from the sea, Vilanova i la Geltru, Barcelona, Spain

Total area 171 m² 4 bedrooms

New four-bedroom penthouse in the center of Eixample, Barcelona, Spain for 1,796,000 € 1,796,000 €
New four-bedroom penthouse in the center of Eixample, Barcelona, Spain

Total area 175 m² 4 bedrooms

Apartment with a guaranteed income of 4% in Eixample, Barcelona, Spain for 800,000 € 800,000 €
Apartment with a guaranteed income of 4% in Eixample, Barcelona, Spain

Total area 90 m² 3 bedrooms

New apartment with a balcony and a parking space, Barcelona, Spain for 480,000 € 480,000 €
New apartment with a balcony and a parking space, Barcelona, Spain

Total area 102 m² 3 bedrooms

One-bedroom apartment with a terrace in a new residence with a swimming pool, Barcelona, Spain for 397,000 € 397,000 €
One-bedroom apartment with a terrace in a new residence with a swimming pool, Barcelona, Spain

Total area 45 m² 1 bedroom

Two-bedroom apartment in a modern residential complex, Barcelona, Spain for 575,000 € 575,000 €
Two-bedroom apartment in a modern residential complex, Barcelona, Spain

Total area 103 m² 2 bedrooms

Furnished apartment in a residence with a swimming pool, in the old town of Barcelona, Spain for 595,000 € 595,000 €
Furnished apartment in a residence with a swimming pool, in the old town of Barcelona, Spain

Total area 87 m² 2 bedrooms

Spacious apartment near a metro station and the city center, Barcelona, Spain for 595,000 € 595,000 €
Spacious apartment near a metro station and the city center, Barcelona, Spain

Total area 85 m² 4 bedrooms

In Greece, on the other hand, the Golden Visa’s issuance for Russians was suspended last year. According to the Greek Ministry of Migration and Asylum, by the end of H1 2022, 431 Russians had an active investment visa in Greece, which is 28% less than in December 2021. It is not yet clear how exactly this has affected the volume of investment in real estate, since the Bank of Greece has not yet provided relevant statistics. According to Tranio, the median budget of Russian-speaking buyers in Greece last year was 250,000 euro.

Real estate in Greece 3,173 listings on Tranio
New apartments and studios for rent with yields up to 3.8%, in a quiet and clean area in the center of Athens for From 158,000 € From 158,000 €
New apartments and studios for rent with yields up to 3.8%, in a quiet and clean area in the center of Athens

Built in 2025 Total of 11 apartments

New apartments for obtaining a rental income in Gounari project, Athens, Attica, Greece for From 200,000 € From 200,000 €
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Exclusive Tranio project in the center of Athens for the ”Golden visa“, Greece for From 257,000 € From 257,000 €
Exclusive Tranio project in the center of Athens for the ”Golden visa“, Greece

Completion in: 2026.II Total of 22 apartments

Duplex apartment in a prosperous central area of ​​Athens to obtain a ”golden visa“ for 360,000 € 360,000 €
Duplex apartment in a prosperous central area of ​​Athens to obtain a ”golden visa“

Total area 74 m² 1 bedroom

Modern residential complex with a gym in Exarchia area, Athens city center, Greece for From 250,000 € From 250,000 €
Modern residential complex with a gym in Exarchia area, Athens city center, Greece

Completion in: 2026.II Total of 27 apartments

Premium apartments on the first line of the most picturesque harbor of Piraeus, guaranteed yield of 4%, Greece for From 302,000 € From 302,000 €
Premium apartments on the first line of the most picturesque harbor of Piraeus, guaranteed yield of 4%, Greece

Completion in: 2027.III Total of 48 apartments

Renovated residence at 220 meters from a metro station, close to the sea and the center of Athens, Argiroupoli, Greece for From 315,000 € From 315,000 €
Renovated residence at 220 meters from a metro station, close to the sea and the center of Athens, Argiroupoli, Greece

Completion in: 2026.II Total of 13 apartments

New residence with a gym close to the metro station and the places of interest, Athens, Greece for From 231,000 € From 231,000 €
New residence with a gym close to the metro station and the places of interest, Athens, Greece

Completion in: 2025.IV Total of 35 apartments

In previous years, Greece has been one of the most popular holiday destinations for Russians. After the suspension of the Golden Visa programme, resort houses by the sea in Greece have become less in demand; however, the demand for real estate in Athens remains. In 2022, this market has become one of the leaders in the EU in terms of rental price growth.

Tranio’s clients looking for a stable rental income are now willing to invest in serviced apartments in Athens. When moving to Greece, you can get a digital nomad visa with a Russian passport; investors can apply for a Golden Visa with a second passport (for example, Turkish or Grenadian).

However, in 2022, our clients from Russia, who are planning to move to Europe for permanent residence, have often considered Cyprus. In this EU country, you can get a residence permit for investments in real estate from 300,000 euros, and tax benefits attract many businessmen and IT specialists to Cyprus.

Elena Milishenkova Elena Milishenkova Tranio’s Chief Commercial Officer

According to Tranio’s statistics, the median budget of Russian-speaking clients for the purchase of real estate in Cyprus in 2022 coincided with the requirements of the permanent residence for investment programme and amounted to 300,000 euro. According to the Cyprus’ Department of Land and Surveys, over the past year, property in the country was purchased by 3,383 foreigners (non-EU citizens). The authorities do not disclose the origin of the participants in the transactions. According to Tranio’s experts, based on their own data and statistics of developer partners, Russians accounted for about half of foreign deals in the primary property market in Cyprus in 2022.

Property for sale in Cyprus 19,457 listings on Tranio
Apartments in a new gated community next to a golf course, Limassol, Cyprus for From 233,000 € From 233,000 €
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Completion in: 2027.II Total of 105 apartments

Apartments in a modern residence with a swimming pool in a picturesque area, Limassol, Cyprus for From 271,000 € From 271,000 €
Apartments in a modern residence with a swimming pool in a picturesque area, Limassol, Cyprus

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Complex of villas with swimming pools and gardens near the beaches, Paphos, Cyprus for From 395,000 € From 395,000 €
Complex of villas with swimming pools and gardens near the beaches, Paphos, Cyprus

64 units in total

New complex of villas on the first sea line, Paphos, Cyprus for From 700,000 € From 700,000 €
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Apartments in a new residence with swimming pools 200 meters from the beach, Kisonerga, Cyprus for From 235,000 € From 235,000 €
Apartments in a new residence with swimming pools 200 meters from the beach, Kisonerga, Cyprus

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Apartments in a new low-rise residence with two swimming pools and a spa area 500 meters from the sea, Paphos, Cyprus for From 280,000 € From 280,000 €
Apartments in a new low-rise residence with two swimming pools and a spa area 500 meters from the sea, Paphos, Cyprus

Total of 88 apartments

Apartments in a high-rise residence on the seafront with swimming pools and a spa center, Limassol, Cyprus for From 748,000 € From 748,000 €
Apartments in a high-rise residence on the seafront with swimming pools and a spa center, Limassol, Cyprus

Total of 330 apartments

Apartments in a premium boutique project from a leading developer with low entry threshold, Limassol, Cyprus for From 510,000 € From 510,000 €
Apartments in a premium boutique project from a leading developer with low entry threshold, Limassol, Cyprus

Completion in: 2026.III Total of 24 apartments

Last year, Russians became one of the most active investors in the real estate market in Thailand. According to the Government Housing Bank of Thailand, in 2022, Russian citizens purchased 813 apartments in the country, taking second after Chinese citizens in the ranking of the most active foreign investors. According to Tranio, in November and December 2022, the demand of Russians for Thai real estate was noticeably higher than the year’s average, so the total number of deals over the 12 months may exceed the statistically probable threshold of 600 deals. In 2022, the median budget of Russian-speaking clients for the purchase of real estate in Thailand amounted to 150,000 euro.

Thailand property for sale 5,950 listings on Tranio
Apartment in a premium residential complex with lounge areas and swimming pools, within walking distance of Bang Tao Beach, Phuket, Thailand for $306,000 $306,000
Apartment in a premium residential complex with lounge areas and swimming pools, within walking distance of Bang Tao Beach, Phuket, Thailand

Total area 60 m² 1 bedroom

Stylish new apartments surrounded by greenery and sea, Laguna Phuket, Thailand for From $272,000 From $272,000
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New residence of comfort class with a swimming pool, a kids' club and a co-working lounge, Phuket, Thailand for From $71,000 From $71,000
New residence of comfort class with a swimming pool, a kids' club and a co-working lounge, Phuket, Thailand

Completion in: 2026.IV Total of 411 apartments

Ready furnished apartment with 9% yield 700 m from Layan beach, Phuket, Thailand for $157,000 $157,000
Ready furnished apartment with 9% yield 700 m from Layan beach, Phuket, Thailand

Total area 30 m² Studio

New complex of family villas with excellent infrastructure in Chalong, Phuket, Thailand for From $494,000 From $494,000
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Completion in: 2027.II 37 units in total

First class residential complex on the seafront in Wongamat area, Pattaya, Thailand for From $156,000 From $156,000
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Completion in: 2027.II Total of 210 apartments

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