Due to the closure of borders, the demand for real estate abroad increased by 20%
During the COVID-19 pandemic, the interest of Russian expats in foreign real estate has increased by 20%, researchers at Knight Frank investigated.
Analysts came to this conclusion after conducting a survey among their own clients. According to the results, 64% of respondents wanted to buy property due to the closure of borders. Researchers say that the most demanded real estate objects are housing in Italy, Spain and Cyprus. The interest in buying real estate on these territories has increased by 50%.
According to Marina Shalaeva, head of the overseas property department of the consulting company, the main impetus for the purchase was the opportunity to buy real estate at a discount. For example, in Tuscany there are offers with a 40% discount. There are similar cases in Rome and Milan. More often buyers choose seaside villas or apartments. Less often — estates and land plots. Most of the real estate is sold by citizens who have suffered significantly from the crisis.
Discounts are the least common in France. In parallel with this, you can find real estate in Cyprus with a 25% discount. The most important purchase factor is the possibility of obtaining additional citizenship, which is especially important in the context of closed borders.
According to the results of the survey, only 29% of respondents plan to reside abroad permanently. Another 14% expect to get additional housing. 57% of respondents are looking for a place that will become their main place of residence in the future.
The study also showed that the demand for real estate has increased among citizens who need eight or more hours to get home. Often, citizens who have elderly parents or children who are studying abroad think about buying real estate, since a twelve-hour flight is a dubious prospect.