The Moscow Times writes that you can pay for housing purchased in Cyprus, Italy, France, Spain, Hungary, Montenegro and Serbia with Russian currency. Moving to Europe is much easier than moving to euros.
Despite the sanctions, citizens of the Russian Federation have again begun to actively purchase real estate abroad. The Moscow Times, citing data from the Intermark Global agency, writes that according to the results of the first half of the year, EU countries accounted for 35% of the total number of transactions made by Russians with foreign real estate.
It was noted that after the large-scale invasion of Ukraine by the Russian Federation in 2022, there was a sharp decrease in the number of transactions due to sanctions, and property owners were afraid to accept money from Russians. In 2023, Europe’s share in foreign real estate purchases by Russians was only 7 percent.
But now developers in EU countries are again conducting transactions with Russian citizens, and many accept rubles for payment. Russians are also applying for residence permits in France, Spain and Cyprus, both for investment purposes and on the basis of financial independence.
Real estate agencies offer flats, apartments and villas in Cyprus, Italy, France, Spain, Hungary, as well as Montenegro and Serbia, which you can pay for in rubles. In some cases, payment for a new building in Cyprus can be made to an account in Turkey, and for a Hungarian contractor to an account in Serbia.
Russian realtors say it is much easier for a seller to transfer rubles directly to Europe than euros.
But the leader in the number of transactions is Southeast Asia, which accounts for 40% of all real estate purchased by Russians in six months. Buyers mostly prefer Thailand (26% of transactions) and Bali (13%), where there are no sanctions restrictions against Russian citizens. 15% of transactions were made in the Middle East, primarily in the UAE, and 7% in Turkey. Russians are also buying real estate in Qatar, Vietnam, Cambodia and Mauritius. At the same time, demand has collapsed in the Caribbean, where countries in the region have closed all programs for issuing passports to Russians in exchange for investment.
Let us remind you that on June 13, The Insider published material that the entourage of Russian President Vladimir Putin continues to buy luxury yachts and import spare parts for Western-made business jets, bypassing sanctions.
Meanwhile, Russian occupiers offer Melitopol residents to buy their own apartments, which the Russian Federation has already managed to “nationalize”.
Source: Focus
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