Investing in Foreign Real Estate: New Rules, Prospects, and Popular Trends

• Investing in foreignreal estate: current opportunities

• Investing in real estate abroad: new rules and prospects

• Real estate in Turkey and Northern Cyprus

• Buying real estate in Turkey and Thailand

On March 5, 2022, the Russian government approved a list of "unfriendly countries and territories conducting unfriendly actions against the Russian Federation and Russian companies"

According to order No. 430, the government has compiled a list that includes many countries where Russians previously purchased real estate for investment. Earlier, we thoroughly examined all the restrictions regarding the acquisition of real estate by Russians. Today, we conducted an interview with real estate investment expert Ekaterina Kotlyarova to find out where Russians can currently invest in real estate and which areas are the most popular.

List of "unfriendly countries"

The list includes the following countries and territories: Australia, Albania, Andorra, the United Kingdom (including the island of Jersey), Anguilla, the British Virgin Islands, Gibraltar, European Union member states, Iceland, Canada, Liechtenstein, Micronesia, Monaco, New Zealand, Norway, South Korea, San Marino, North Macedonia, Singapore, the USA, Taiwan (China), Ukraine, Montenegro, Switzerland, and Japan. Ekaterina Kotlyarova heads the overseas real estate agency "Vip Realty Club" and a community of Russian-speaking experts operating in more than 18 countries around the world.

Investing in foreign real estate

Interest in investing in foreign real estate and earning income in foreign currency has always been significant, but this interest has grown in our time. The demand for acquiring real estate has increased significantly, and decision-making has become more prompt. About 80% of the international real estate market is currently closed to Russians, but there remains 20% of the accessible market that can be worked with. We have developed a special program for investing in real estate in friendly countries such as Georgia, Turkey, Northern Cyprus, the UAE, and others.

• Georgia

• Turkey

• Northern Cyprus

• UAE

These areas are in great demand: at the real estate exhibition in Moscow on March 12-13 there were long queues of people who wanted to learn more about the possibilities of investing in real estate and buying it as soon as possible.

Another important change is the tightening of rules for money transfers.However, at the moment we are working on finding legal payment methods for purchasing real estate abroad in various countries. Under certain conditions, transfers can be made in both Russian rubles and dollars. It is necessary to have sufficient funds in the buyer's account, as well as a properly drafted contract. Recently, developers who have opened correspondent accounts in Russian rubles have been successful due to the active acquisition of real estate abroad by Russians, especially in Georgia.

New restrictions and financial institutions

As of today, new restrictions have emerged, and financial institutions are carefully analyzing every transaction for funding. The real estate sector is developing rapidly, but no specialist can be considered an expert, as the old rules no longer apply.

Popular destinations

The most popular trend has become the purchase of real estate in Turkey, which has long attracted Russian citizens due to its convenient location, ease of buying properties, and pleasant climate. In second place is Georgia, where more and more Belarusians and Russians are arriving every day to buy real estate. Those who managed to acquire ready-made properties can easily rent them out, but the number of such properties on the market is gradually decreasing, and potential buyers have to pay attention to properties that are still under construction.

Investment prospects

Depending on your goals, you might also consider other destinations such as Thailand, the UAE, Panama, and others. The list of countries for investment has changed significantly, and new destinations that were previously less sought after have gained popularity, opening up new opportunities for investors.

Purchasing property in Egypt

Want to buy a home in picturesque Egypt? Check out the Egypt real estate section of our website and choose the perfect option from the many available offers.

Regions in Northern Cyprus

• Famagusta

• Iskele (Long Beach)

• Kyrenia

Real estate prices in Northern Cyprus

Real estate prices start at $76,000 for ready properties and from $57,000 for those under construction. A nice bonus is the option to arrange an interest-free installment plan for up to 72 months. Additionally, payment in cryptocurrency is accepted. Don't forget about additional expenses and taxes, such as attorney fees ($700), stamp duty (0.5%), VAT (5%), transformer fee ($2000), and title (1%).

Conditions of entry to Northern Cyprus

There are various conditions for entering the country: for vaccinated individuals (vaccination must be within the last 9 months), quarantine is not required, while those who have recovered (a recovery QR code is necessary) need a PCR test taken within 72 hours before arrival. The duration of stay in the country also depends on your circumstances: visa-free entry allows you to stay for up to 30 days, while having your own accommodation extends this period to 90 days.

Buying an apartment in Northern Cyprus

Do you want to buy an apartment in Northern Cyprus? Visit the "NorthernCyprus Real Estate" section on our website and find your perfect option.

Regions in Turkey

• Istanbul

• Mersin

• Alanya

Real estate prices in Turkey

Prices for ready-made housing start at €105,000, while properties under construction are available from €48,000. To enter the country, a vaccination passport and a PCR test taken within 72 hours are required. Don't forget to obtain a HES code before your flight on the official Turkey website. Additional expenses and taxes include property tax (4% of the cadastral value of the property) and VAT (1%) when purchasing housing.

Payment terms in Turkey

The initial payment is 30% (€14,400), and the remaining amount can be paid in interest-free installments until the complex is completed or with cryptocurrency.