Where Russian Buyers Are Buying Property in 2026: The Markets, the Numbers, the Constraints
Published on: July 10, 2026
Last verified: 10 July 2026. Sanctions regimes and purchase restrictions change frequently and differ by jurisdiction. Verify before acting.
Russian nationals have been one of the largest single origin groups in several cross-border property markets for over a decade. The war in Ukraine and the 2022 sanctions reshaped where that capital goes and how it moves, but not the underlying appetite. This is a neutral, data-led overview of the 2026 picture: which markets Russian buyers favour, how demand has shifted, and the practical constraints that shape every purchase.
A note on framing: this article describes market trends and the regulatory landscape. It is not advice on structuring transactions, and buyers of any nationality must comply with all applicable sanctions and anti-money-laundering law in both the origin and destination countries.
The demand trend: down, then a partial rebound
Russian demand for overseas property fell after 2022, driven less by any ban on buying than by the practical difficulty of moving money once many Russian banks were cut off from international payment systems. Demand then began to recover in 2025: one Russian analysis reported interest in buying property abroad rising by around 6.5% in the first half of 2025 versus late 2024, attributed to a stronger ruble and a desire to diversify assets into hard-currency-linked returns.
The recovery is uneven and geopolitically sensitive. Analysts broadly expect no sharp swings absent major external events, and continued caution toward European markets specifically.
Where the capital is going
The clearest shift since 2022 is toward markets that have not imposed sanctions and where transactions are practically feasible, often described in Russian-market commentary as "friendly" or neutral jurisdictions.
Turkey. Long a leading destination, Turkey remained the top country by inquiry share into 2025 (around 27% of inquiries in one mid-2025 estimate, down about 5 points year-on-year). In actual transactions, Russian nationals were the largest single group of foreign buyers in Turkey in both 2024 and 2025, purchasing 4,867 homes in 2024 and 3,649 in 2025, according to Turkish Statistical Institute (TÜİK) data. Total foreign sales in Turkey nonetheless fell (to 23,781 in 2024 and 21,534 in 2025) on the back of higher prices, a stronger CBI threshold and economic volatility. Antalya and Istanbul remain the focal points.
The UAE (Dubai). Dubai absorbed a large share of Russian capital from 2022, particularly at the premium end. By 2025 the picture had normalised somewhat: one consultancy estimated Russian purchase inquiries in the UAE down around 21% from the peak, and Russians had slipped down the buyer-nationality rankings from their 2022 highs as prices rose. Even so, Dubai remains a core destination: it has a large, established Russian-speaking community, a fast and regulated transaction process (typically under 30 days, with a 4% registration fee via the Dubai Land Department), no property, income or capital-gains tax at the emirate level, and a residency route via the Golden Visa (a real-estate investment of AED 2 million, roughly $545,000, for a renewable 10-year visa).
Thailand. Thailand saw strong Russian interest, leading demand among Asian destinations by a wide margin in some estimates, with thousands of purchases concentrated in resort markets. Condominium ownership is legally accessible to foreigners, which supports the flow.
Georgia, Indonesia (Bali) and others. Georgia (Batumi and Tbilisi), Bali and several other markets grew in relevance as accessible, lower-entry-price alternatives.
Select European markets. A partial return to some EU markets, historically Cyprus, Greece, Spain and a handful of others, has been reported for buyers who can navigate the compliance requirements, though European demand remains the most constrained by geopolitics and tightening rules (below).
The constraints every Russian buyer navigates
Three practical realities shape Russian cross-border purchases in 2026:
- Property ownership itself is generally not sanctioned in the main destination markets. In Turkey and the UAE, title deeds are issued in the buyer's name and remain valid regardless of banking friction; these countries have not imposed Western-style sanctions on Russian nationals. This is a factual observation about those jurisdictions, not a comment on the broader sanctions regime.
- Payments and documentation are the real friction. Restrictions on many Russian banks' access to international payment systems mean transfers require careful planning, and destination-country anti-money-laundering rules require full source-of-funds documentation. Compliance departments at banks and developers scrutinise the origin of funds, and buyers must be able to evidence it. Buyers must also ensure they are not transacting with sanctioned parties.
- Some jurisdictions are actively restricting Russian purchases. Parts of the EU have moved to limit or ban property transactions involving Russian and Belarusian nationals, for example, Latvia's parliament approved a ban on real-estate deals for Russian and Belarusian buyers, and the EU has discussed broader measures. Rules differ sharply by country and change frequently, which is why professional legal and compliance advice in the destination market is essential.
Why the "friendly-market" shift is structural, not temporary
The move toward Turkey, the UAE and Asia is not simply a detour around Europe. These markets offer characteristics that independently appeal to Russian buyers: hard-currency-linked or dollarised pricing (a hedge against ruble volatility), established Russian-speaking communities and service infrastructure, residency options tied to property, and, in Dubai and Turkey, a demonstrated ability to complete transactions at scale. Even as some European doors reopen for compliant buyers, these fundamentals suggest the geographic rebalancing will persist.
Frequently asked questions
Where are Russians buying the most property abroad in 2026?
Turkey and the UAE (Dubai) remain the core markets by volume and inquiry share, with Thailand strong in Asia and Georgia, Bali and select European markets also drawing interest. In Turkey specifically, Russians were the single largest foreign-buyer group in both 2024 and 2025.
Can Russians legally buy property in Turkey and the UAE?
Yes. Neither country has imposed Western-style sanctions on Russian nationals, and title deeds are issued in the buyer's name. Buyers must still comply with applicable sanctions law and provide full source-of-funds documentation.
Why did Russian overseas buying fall after 2022?
Primarily because sanctions cut many Russian banks off from international payment systems, making transfers difficult, not because buying property was broadly banned. Demand began recovering in 2025 as the ruble strengthened.
Are any countries restricting Russian property purchases?
Yes. Parts of the EU have moved to limit or ban real-estate transactions involving Russian and Belarusian nationals (Latvia's parliament approved such a ban, and the EU has discussed wider measures). Rules vary by country and change often.
What documentation do Russian buyers typically need?
Destination-country anti-money-laundering rules require full, verifiable source-of-funds documentation, and buyers must confirm they are not transacting with sanctioned parties. Requirements vary by market and should be confirmed with a local lawyer.
Explore the markets Russian buyers favour on JanusHermes
JanusHermes aggregates verified listings across Turkey, the UAE and 50+ other countries, with multilingual property pages (including Russian) and cost-of-living context on every listing. Browse Antalya listings and Dubai listings, and read our detailed Antalya buyer's guide and 2026 international real estate statistics.
This article is for general information only and does not constitute legal, tax, investment or sanctions-compliance advice. Sanctions regimes and property-purchase restrictions differ by jurisdiction and change frequently. Any buyer must comply with all applicable laws in both the origin and destination countries and should obtain qualified legal and compliance advice before proceeding.
A note on the numbers: where no source is named, the market figures in this article (prices, yields, costs) are indicative estimates compiled from publicly available market data and industry reporting at the time of writing. Markets move and rules change, so treat them as a starting point and verify current figures with official sources before acting on them.