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Trends
2025, like 2024, was a period of moderate demand for foreign real estate among the Russian-speaking audience after two years of boom caused by global upheavals, when Russians, Ukrainians, and Israelis were looking for a place to move, "second home," invest, transfer business.
There were no big deals like we saw in Turkey in 2021-2023. Buyers acted more carefully: some of those who had previously immigrated decided to get a home or chose new jurisdictions for another move, some bought holiday homes or invested.
Note that from the territoryRussia on HomesOverseas.ru Only a fifth of the requests for the purchase of real estate are received - the rest come from our Russian-speaking audience abroad. Buyers from Germany and Israel are on the second and third lines in terms of the number of requests after Russians. Israelis are especially active in the markets of Bulgaria, Georgia, and Slovenia.
Which countries this year collected the most requests for the purchase of real estate on HomesOverseas.ru ? The top three remained unchanged from last year: Bulgaria, Turkey and Montenegro. This is followed by Egypt and Italy.
Bulgaria, a new member of the Schengen area and a member of the eurozone without five minutes, is in full view of European investors. Russians on the Bulgarian market is now not so much, which cannot be said about the Germans and Israelis. Housing prices have been rising steadily for 10 years, and in the second quarter, the country took the second place in the EU in this indicator, second only to Portugal.
Turkey made life difficult for foreigners back in 2022-2023, as we discussed in detail we told you. After that, the number of transactions with foreigners decreased dramatically. Nevertheless, those who wish to purchase apartments or houses at reasonable prices in Antalya, Alanya, Istanbul, Mersin, on The Aegean coast has a lot. Russian citizens have been at the top of the list of international buyers since April 2022. Turkey is still one of the few countries where Russians can getpassport for investment in real estate.
Montenegro, previously the most loyal to foreigners, introduces stricter criteria for legalization. The bill came as an extremely unpleasant surprise to the market, however its latest revision (as of mid-December 2025), is somewhat softer. Until recently, owning any apartment or house was considered the basis for a residence permit, but now a minimum threshold of 200,000 euros is introduced for new applicants (renewal on the same grounds), as in Turkey. One more change: business owners and freelancers will need to confirm that the company is fictitious (how is still under discussion), but there is no talk of forced recruitment. Special conditions for legalizing the "green corridor" are actually provided to digital nomads, IT specialists and healthcare workers.
Many choose visa-free travel for Russians Serbia (Montenegro will now need an entry visa). Home sales in this Balkan country and prices for it, according to data for the 2nd quarter of 2025, increased, although foreign investment decreased in the 1st half of the year.
A more Europeanized atmosphere is also interesting in the Balkans Slovenia, but buying real estate has its own peculiarities here. Neighboring Croatia It has long been a favorite destination for foreigners, but apartments and villas on the coast are expensive, and international demand in Dalmatia and other regions is noticeable href="//www.homesoverseas.ru/news/Prodazhi_zhilja_v_Horvatii_sokratilis_iz-za_umenshenija_inostrannogo_sprosa " target="_blank">decreased. About the purchase process we told you.
For the second year in a row Egypt is among the top five most requested destinations on the portal. The main demand is for budget apartments in Hurghada, although the region also deserves excellent premium and luxury offers in Somabay and El Gouna.
This year, the Georgian real estate market was pleased: after last year's stagnation sales in Prices, especially for non-old secondary housing, are growing again. Prices continue to go up. Georgia is one of the countries where foreigners, including Russians, they can take out a mortgage.
German market is gradually recovering after the deepest two-year crisis in the last 10 years. Housing prices have started to rise, but they are still 9% below the peak values of 2022.
The French market, which experienced similar problems, is recovering, but slower than predicted. Sales have increased compared to last year, but the price increase is still insignificant.
Spanish market "one of the most prosperous. The annual increase in house prices, according to Eurostat data for the 2nd quarter, was 12.8%. The share of foreigners in some of the most popular regions, such as Alicante and the Balearic Islands, is about 30%. Most of the buyers are British. There are Russians too, but not so many, and their number has decreased since the country abandoned its Golden Visa program in April this year (discussed this in detail with Russian-speaking experts agencies). On the contrary, the number of Ukrainians in the housing market has increased. Spain is the flagship of another global trend (in addition to the trend of abandoning investment residence permits), namely, the policy of tightening the rental of apartments for short-term rentals due to the impact of tourist rentals on housing affordability.
The Greek "Golden Visa" has increased in price, but remains valid (it is not available for applicants with a Russian passport). The program one of the key factors of the rapid growth of the Greek market. In popular areas, the required investment amount is 800,000 euros, but there is also a budget option to invest 250,000 euros in the renovation and restoration of the facility. In Athens, the proportion of foreigners among home buyers is 40%. We discussed the Greek market in detail with experts at a round table. Foreign investment in real estate is still high, but href="//www.homesoverseas.ru/news/Inostrannye_investicii_v_nedvizhimost_Grecii_sokratilis_v_2025_godu " target="_blank">the boom is over.
Portugal had earlier reformed its "Golden Visa" by excluding real estate investment from it. In this way, the authorities opposed the rapid rise in the price of apartments, but they failed to stop this process. Portugal is the EU leader in house price growth, and a number of analysts believes that it is overrated in the country.
Analytical reports from Dubai still
Thailand's housing market as a whole, according to analysts, is entering a long cooling period, however, fueled by foreign demand Phuket is coming contrary to the general trend. Sales increased by 10% over the year. The main buyers of housing on the island are Chinese and Russians. This year, the tourist flow to Thailand from China has decreased, and from Russia, on the contrary, is close to a record.
Cyprus real estate market continues to thrive, with some involvement foreigners. Russians predominate in Limassol, Britons in Paphos, and Israelis in Larnaca. Northern Cyprus (recognized only by Turkey), a year after the adoption of a law prohibiting foreigners from owning more than one property, relaxed restrictions and made a number of concessions in favor of home buyers from abroad. About this we talked in detail.
The UK housing market is stable. Prices are rising year-on-year, albeit with small monthly fluctuations. The end of the stamp duty holidays in April had a slight effect on the dynamics only in the first month after their cancellation, and then prices returned to rising.
The real estate market USA remains weak, as high mortgage rates restrain demand. There is a record imbalance between supply and demand (the number of sellers is about half a million href="//www.homesoverseas.ru/news/Chislo_prodavcov_nedvizhimosti_na_rynke_SShA_na_500_tysjach_prevyshaet_chislo_pokupatelej " target="_blank">exceeds the number of buyers), but no one is in a hurry to lower prices.
The Bulgarian real estate market
Evgenia Prokazova, Sales Director of the agencyBulgaria Avenue:"2025 was quite dynamic, especially the end of the year.
The demand for real estate has increased due to Bulgaria's official entry into the Schengen area and the upcoming transition to the euro in 2026.
The key events of the year that have influenced the market are the upcoming transition to the euro and entry into the Schengen area.
The buyers mostly remained the same: high demand, for example, from Israelis and Ukrainians. Citizens of EU countries, such as Germany, and citizens of some other countries who are looking for an opportunity to obtain a residence permit in Bulgaria also buy.
The conditions have not changed yet: obtaining a residence permit is possible through investments in real estate (from 307,000 euros), with a pension certificate or through the status of a sales representative.
The goal of most people is to invest for the subsequent assignment of rights / resale, lease, or simply invest money in real estate, because its prices are projected to rise in the future.Budgets on average start from 100,000 euros and above. Housing prices in new buildings in Bulgaria have increased by an average of about 20% this year. People are interested in investing in order to make assignments later.
Forecast for 2026: perhaps Bulgarians will settle down a bit and will not buy real estate at the same rate as in 2025. For foreigners, everything will continue, simply because Bulgaria remains one of the countries that allows you to enter the market with different budgets, get a job, get a residence permit and continue to operate. Taxation remains at 10% (income tax), as it was.
Turkish real estate market
Sergey Volchenkov, Director of DevelopmentTolerance-Homes: «Forecast for 2026: very cautious optimism
2025 continued to be a transitional year for the Turkish real estate market: the period of active price correction ended after the rapid growth of 2021-2022.
With high interest rates on deposits and reduced mortgage availability, the Turkish buyer market remained inactive. All this contributed to the preservation of "buyer's time in Turkey" opportunities to purchase real estate on more favorable terms.
This was especially reflected in developers who entered the crisis with a number of unfinished projects and liquidity problems - they gave good discounts, preferring to sell real estate at a price close to cost.
Key events affecting the market in 2025
1. Many foreigners who previously purchased real estate to obtain citizenship have completed the three-year period of mandatory ownership of the property. Some have gone on sale.
2. The Citizenship through housing purchase program remains one of the drivers of transactions in the segment of USD 400,000 and above.
3. There has been a reduction in the activity of small and weak developers and agencies.
Profile of foreign buyers in 2025:
- Investors with citizenship are clients who purchase housing in order to participate in an investment program.
- Buyers of budget real estate (60,000 100,000 euros) are usually for vacation, seasonal living or renting. This segment demonstrates stability.
Buyers have become more rational: they bargain more often, compare offers.
Prices, demand and new construction
Real estate prices in national currency continue to rise, but in monetary terms they have bottomed out and remain stable.Construction activity was limited to liquid locations and large companies.
Forecast for 2026
In the second half of 2026, a gradual recovery in demand is expected, primarily from Turkish buyers, against the background of lower interest rates.
However, there is no significant price increase in the currency.
It is expected that "buyer's time" will be saved. "Clients with liquidity will be able to negotiate on the best terms.
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Montenegro's real estate market
Svetlana Zamotina, Director of the agencyTradegoria: "2025 has become a period of regulation, calibration market and conscious demand
Prices in new buildings in Montenegro continued to rise, transactions became "more legally cautious," and the announcement of an increase in the threshold for a residence permit to 200,000 euros shifted some of the demand to a higher price segment.There was a lot of activity in the news field:
1. The law on legalization and disputes about the construction of a large complex of an investor from the UAE on the Great Plaza in Ulcinj.
2. The discovery of dozens of illegal apartment buildings in Ulcinj.
3. Possible amendments to the law on foreigners with a key change - an increase in the price threshold for a residence permit for real estate.
4. Introduction of the law on mediation.
Foreign interest remains, but it has become more selective: they buy where profitability and management are clear. At the same time, the government is tightening the rules of stay for foreigners.
Key eventsof the year
1. A new law on the legalization of unauthorized buildings (adopted in August). Because of it, about 80% of all real estate became unavailable for sale.
2. Cancellation of visa-free travel for Turkish citizens after the incident in Podgorica. The Turks were among the leaders in investment.
3. Forcing adoption of amendmentsto the law on foreigners.
Have the customers changed? Their goals, budgets?
- After the announcement of an increase in the threshold for a residence permit, the demand for objects starting from 200,000 euros increased. More often, wealthy people of retirement age who are considering Montenegro for a quiet life show interest.
- The sensitivity to the legal purity and liquidity of the facility has increased. Against the background of new laws, attention is growing to "clean" facilities and the reputation of the developer or agency.
- The top investor countries have changed. If Russians were overtaken by Serbs in 2023-2024, Turkish investors increased in 2025. The pool has become more diversified (Serbia, Turkey, Germany, USA, Cyprus, UAE, Russia and others).
Demand, prices and new construction
1. The rental market is stagnating: there is a large outflow of tenants, lower prices, and many offers.
2. Construction is actively underway. The cheapest facilities are reserved even before the start of official sales.
3. Increased demand for land plots.
Forecast for 2026
- There will be no reduction in prices for new buildings (due to the proposal to introduce a 21% tax on building land, which may raise the cost of a square by 50-100 euros).
- There will be fewer clients, and competition among agencies will increase.
- A strong decline in prices on the secondary market is also not expected: only legal objects can be sold, and there are few of them.
- The number of clients who want to "jump into the last carriage" before Montenegro's accession to the EU will increase in order to obtain a residence permit with an eye to residency in the European Union.
Promising regions
- Northern regions:Zabljak and Kolasin
- Bulyaritsa:there are talks about the planned project of investors from the UAE (Alabar Group)
- Bar:more and more requests are coming to this location
Italian real estate market
Elena Dvurechenskaya company DirectorITALCASA: In 2025, the ECB rate continued to decrease, and by June it reached 2.15%, which opened up the mortgage market, especially for the purchase of the first apartment, and restarted the market in the segment of economy housing.
There is also a strong demand from foreign investors in the luxury segment, which has not experienced crises in Italy. There are always major players willing to invest. For example, a well-known Dubai developer has recently entered the Italian market with investments mainly in the hotel business.
As for Russian-speaking buyers, there is no one directly from Russia anymore - everyone comes with a second passport. Also in 2025, there was a tightening of obtaining tourist visas, which also affected summer rental housing.
Key events of the year
There were no particularly significant events that could be noted. All economic processes in Italy take place over the years, everything goes gradually. You may notice small bells that will subsequently affect the market. For example, for the first time, the mayor of Florence refused a tourist rental license. Now it is possible to consider real estate in Florence as a profitable investment, which it has been for the last 15 years, only with the associated risks. But so far it has not had much effect on the market.
About customers
If we talk about Russian speakers, then the client remained only in the luxury segment. Those who have relocated to Dubai in recent years are starting to appear, and now they are taking the next step from Dubai to Europe.
Demand, prices and new construction
The demand for real estate is really very high. Interesting options go away in a matter of weeks. In large cities, they have practically stopped working with mortgage clients, because they need to wait 2-3 months for mortgage approval. Sellers give the object to those who are willing to pay immediately, and there are a lot of such buyers. This is especially acute in Milan.
For new construction, there is some slowdown in sales, as builders are now putting on an overdrive due to the fact that real estate prices are rising. Not everyone is ready to buy at prices with a target for 2-3 years ahead.
Forecast for 2026
No major changes are expected in 2026, but it will already be necessary to monitor EU Green-deal regulations.
Promising regions
Rome is starting to catch up and outpace other cities. He always lagged behind Florence, and then Milan. This year, the market is more lively in Rome.The Spanish real estate market
Ekaterina Okhilkova, head of the agencyExpert Agent: The year 2025 has consolidated Spain's status as a country with an active and growing market.
Prices reached record levels, demand remained high, but housing affordability for local buyers declined. The average price per square meter in the 3rd quarter was 2,153 euros, exceeding the peak of 2007.Key events of the year
1. Cancellation of the "Golden Visa" (investor's residence permit)Despite this, foreign buyers remain a significant part of the demand, especially on the coast.
2. Low mortgage rates. They remain among the lowest in the eurozone (about 2.66% on average).
3. There is a critical shortage of supply. The construction of new houses does not cover housing needs.
4. Record price growth. Prices increased by 12-13%, the fastest growth in 18 years. New buildings are becoming more expensive than second homes.
Have the customers changed? Their goals?
Yes. Investors are increasingly considering real estate as an asset for rent (long-term or short-term), interested not only in housing, but also apartments for rent, hotels.
Demand, prices, new construction
Demand remained high due to increased employment and Spain's attractiveness among foreigners. Prices continued to actively go up. Apartments in new buildings cost an average of 2,528 euros per square meter (+7.6% per year). Their price (premium segment) is already about 44% higher than in the secondary market. Despite the increase in building permits, the supply shortage persists.
Forecast for 2026
There are disturbing trends:
- Housing is becoming less affordable for the general population.
- The burden on the rental market is increasing, increasing social pressure in cities.
- There is a risk of overheating due to the rapid rise in prices and the active interest of investors.
Which regions are especially growing:
- Madrid and its surroundings are leading the way in terms of demand and price growth.
- The Balearic Islands are one of the most expensive and stable markets with high demand from foreigners.
- The Costa del Sol is traditionally a popular region with foreign buyers.
- The Valencian community and Alicante show some of the highest price growth rates at a relatively moderate cost.
- Costa Blanca attracts more and more tourists and buyers.
Cyprus Real estate market
Kirill Ravchenko, CEODOM Real Estate: <"Our performance is twice as good as in 2024."
2025 was a very successful year for the Cyprus real estate market. The influx of customers is stable and constant. Unlike in 2023-2024, when there were waves of immigrants, the situation has stabilized now. New projects are being built and sold.
Key events of the year
Main news Cyprus is about to join the Schengen area. This is already affecting the market: new investment programs are being prepared. Although the formal acceptance was postponed to 2026, Cyprus is very close to joining, and it will attract many people. Previously, a Cypriot residence permit did not give the right to travel freely and even more so to live in Europe, and with the accession to the Schengen area, the destination will become much moremore interesting.
Have the customers changed?
Yes. The main stream is now "Russian Europeans". These are people who have built businesses in EU countries (Great Britain, the Netherlands, Poland), with net incomes, who can confirm the origin of funds and safely pass KYC. Many people move to Cyprus for the sake of a quiet life, raising children and low taxes. Cyprus remains one of the countries in Europe with the lowest taxes. So, there is a 2.5% tax for the IT sector (IP Box), 0% on dividends for the owners of the company.
Demand, prices and new construction
Prices are always rising, but in 2025 the growth was smoother compared to the hype period of 2023-2024. Rent varies seasonally. New projects are being built, but large developers are afraid to launch large complexes. They are afraid of increasing EU pressure on citizens of Russia and Belarus, which leads to difficult checks even for holders of passports of other countries. However, in addition to "Russian Europeans", Europeans themselves are actively buying, especially after tough tax reforms in Poland and Germany.Forecast for 2026
A calm and planned development is expected to continue, without sudden jumps. Major developers will start implementing major projects. Once one such project comes out, others will catch up.
Promising regions
- Limassol.A very overheated market with high prices due to high demand and construction.
- Pathos.Prices are almost equal to Limassol (in some segments they are about 20% lower, in some they are already the same). Active construction is underway due to the relocation of many foreign companies here, but it is difficult to rent decent housing.
- Larnaca.It is developing and building up very well, there are many local companies with large volumes. Famagusta (Ayia Napa, Protaras, Paralimni). Still an undervalued region. Here you can buy a new house by the sea for 250,000-300,000 euros, which is a unique offer for Cyprus and Europe as a whole.
UAE Real Estate market
Sergey Luptakov, head of the agency RIU Property: "Demand in Dubai is starting to stabilize"
Official statistics show an increase in housing prices in Dubai by 8-12%, at some sites it reached 20% or more. For example, a studio that cost 400,000 dirhams (109,000 117,000 dollars) last year is now on sale for 700,000 dirhams (190,000 dollars).
The rental price increased by an average of 10%.
Key events of the year that influenced the market
1. Massive influx of foreign capital. Especially from Europe (Germany, Czech Republic, Great Britain) against the background of the search for stability and business development.
2. Reseller activity. Many investors were selling properties purchased 2-3 years ago with high margins.
3. The introduction of new regulatory measures. Tightening control over escrow accounts of developers and stricter licensing requirements. All this has increased customer confidence.
4. The development of the gambling zone in Ras al Khaimah has led to the transfer of some investments and attention from Dubai to this emirate.
5. Improvement of conditions for the "Golden Visa". Applications are now processed faster.
Have the customers changed?
Yes, they have changed. There are more professional private investors. The goals have shifted from simply buying for yourself to investing (renting, reselling). Budgets have increased following the general rise in prices. The activity of European buyers is especially noticeable.
Demand is very high, but Dubai is starting to stabilize. In Ras al-Khaimah, it is consistently high and growing.
Construction is extremely active both in Dubai and Ras al Khaimah. Large-scale infrastructure projects (roads, new areas) are underway.
Forecast for 2026
- Dubai.The market is approaching its peak. Apartment prices may stabilize or slow down. Villa prices, especially for island and limited-edition projects, are highly likely to continue to rise (by about 5% per year).
- Ras al Khaimah.Stable growth is expected at least until 2027 (the year of the casino's opening) due to the ongoing hype and limited supply on key projects.
Promising regions
In Ras Al Khaimah:Al Marjan Island is the number one island in terms of investor interest due to the casino and limited building area. And also: Al Hamra Village, Mina Al Arab.
In Dubai:
- Jumeirah Village Circle (JVC).For the middle segment with a good return (about 8%).
- Mina Rashid / Dubai Harbour.Prestigious areas with sea views.
- Dubai Marina:A classic of the premium segment.
Thailand's real estate market
Svetlana Kasatkina, Managing PartnerExotic Property: "There is a large selection of projects on the market right now. Developers may have to be more flexible."
The number of customers at the beginning of 2025 was at the level of last year (the beginning of the year is just the high season), but they had more doubts before the deal. The reason is the weakening of the ruble to 100 to 115 per dollar and high rates on ruble deposits in Russian banks (20-25% per annum). Many potential buyers, especially investors, chose to place funds on deposits rather than buying real estate.
By the summer, the ruble had strengthened, but the low season had begun in Thailand, and demand had traditionally fallen. Now, at the end of the year, we are seeing an increase in demand again. The exchange rate has stabilized (78-80 rubles/USD), and investors, having earned on deposits, are again considering Thai real estate.
Many new developers have also entered the market. Some of the experienced companies from Bangkok that you can trust. A part with foreign capital. We are still looking at them, as Thailand has its own specifics.
The number of real estate agencies continues to grow. Many agents are newbies, so it is important to carefully study their experience when choosing escorts.
Have the customers changed?
Yes, they have changed. There are fewer transactions in the middle segment. Now requests are either for the most inexpensive studios (budget segment), or for luxury real estate (premium).: residences at five-star hotels by the sea or large luxury villas. There are also fewer buyers purchasing permanent housing (in contrast to the situation 2-3 years ago). The main goals now are investment or use for vacation / wintering.
Forecast for 2026
There is a large selection of projects on the market right now. Before spring, during the peak and high season, developers may have to be more flexible. They are already starting to offer increased installments, include a furniture package in the price and give discounts during negotiations.
With a stable ruble exchange rate, the beginning of the year will be active. In summer, as always, a recession is expected. If the refinancing rate decreases by the end of the year and the exchange rate remains stable, demand in the next high season may be higher than usual. Investors who want to reinvest their ruble income will return.
Promising regions
Phuket and Pattaya.These are regions with international airports, beaches, developed infrastructure, and a Russian-speaking community. Various types of real estate are presented here and a clear market for sale and rent has been formed.
Portal HomesOverseas.ru Thanks to the real estate and immigration experts of partner companies who collaborated with our editorial staff and shared valuable information with our readers in 2025!
