If you’re looking to sell overseas property quickly, your best chances are to sell to Russian buyers. Russian buyers are once again entering the overseas property market in strength.
And we are not just talking about the ultra-rich Russian Oligarchs, who buy properties worth millions, but also the Russian middle class, who are buying all sorts of properties, especially those that cost under €100,000.
This is a big change. Why are middle-income Russians investing in the overseas property market again? It’s easy to see why – with the Russian economy in a decline since 2014, and with the Rouble having lost a lot of value since then, Russians are increasingly looking to invest in safe havens abroad.
So where are Russians investing, and what does that means for your chances of being able to sell overseas property?
Spain is a hot favourite with Russian buyers, and why not! Spain is the most popular overseas property destination in the world. In Spain, Russians have a strong preference for properties in Barcelona, Costa Blanca and Canary Island.
What makes Spain so popular? Spain is well connected to Russia by flight. It is one of the most visited countries in the world – over 72 million foreign tourists visited Spain in 2022. It has a perfect Mediterranean climate, lovely beaches, a relaxed and laid back lifestyle and a friendly and diverse population.
France is another country that is very popular with Russian buyers. It’s easy to see why – France has the most stable property market in the world. Russian investors are very confident that the value of their investment in French property isn’t likely to go down any time soon – in fact, France was one of the countries that was least affected by the 2008 global housing crash. Besides that, France is one of the most beautiful countries in the world and offers an excellent quality of life. The healthcare system and education in France is world class.
Surprisingly, Bulgaria features high in our list of the most popular overseas property hotspots with Russian buyers. The reason for this is that properties in Bulgaria are among the cheapest you will find in Europe. An average apartment in Burgas costs €45,000, an average villa in Varna costs €60,000 while an average apartment in Sofia €60,000. In no other country in Europe are properties so inexpensive.
What’s also interesting about Bulgaria is that it has the lowest property taxes in Europe. This is very important for Russian buyers. Also, Bulgaria and Russian are geographically close to each other and share great cultural affinity. The climate in Bulgaria is mild and the lifestyle relaxed and laid back. Beach resorts such as Sunny Beach and winter destinations such as Bansko are very popular with overseas property hunters.
If you’re looking to sell overseas property in Turkey, you would no doubt be relieved at the thawing of the tense political relations between the Russian government and the Turkish administration. Russians are back buying properties in Turkey after keeping away for the better part of the year. Turkey is, of course, the hottest property market in Europe, with prices rising in double digits since 2010.