According to a study of the company "Miel", the Russians find it hard to give an exact answer about reasons of buying property abroad. Portal ee24.com tried to figure out what attracts our compatriots to buy a house outside Russia, and compiled the top 10 reasons why you should buy property abroad.
1. Recreation
The most popular reason to buy is an opportunity to come to the favourite country on vacation. First of all, it concerns countries such as Bulgaria, Latvia, Turkey, Cyprus. According to media reports, this factor is crucial for 85.2% property buyers in Bulgaria. Also the number of Russian property buyers in Spain is significantly increasing. Traditionally, only the British (about 15% of the total number of transactions with foreigners) are ahead of the Russians (about 10%).
2. Investments
Another goal of buying real estate abroad is to have a property that will be a reliable investment. If the Russians are interested in the safety of savings and property, they are likely to choose one of the EU countries, such as Germany.
3. Residence permit
A desire for permanent residence in another country is also one of the reasons to buy property abroad. Non-residents usually choose Latvia to obtain a residence permit in Europe due to the fact that the requirements are simpler than in other European countires. With the adoption of the law in 2010, the number of the Russians, who buy housing in Latvia, has grown significantly. Residence permit in Latvia is available straight away for five years, and the paperwork takes 5-30 days. Compared to Portugal and Spain, the necessary amount of investments in real estate is not high: "golden visa" costs at least €142,288 in the Capital region or cities of national significance; or €71,144 - in rural areas.
4. Business
Property in another country may be considered as a start-up. This can be a small hotel on the coast of Montenegro, as well as an apartment in Germany for renting out. In addition, the property will be a reasonable purchase, as business involves frequent business trips to one or another country.
5. Education
If you compare the prices of education, for example, in Russia and Greece, you will see another reason to buy property abroad. According to figures cited by Real Estate Services, a British School in Greece will cost about €7,000-9,000 per year, in Moscow - about €40,000. In addition, many graduates of Russian universities want to continue their education abroad. In this case an own house would be a great help to the student.
6. Medical care
Another positive answer to the question about buying property abroad is from those who need to undergo treatment. This reason is quite popular if you buy property in Spain.
7. Peaceful old age
An apartment or a house on a lake or a seashore can become a fulfilled dream for elderly parents. Or you can buy an apartment if you intend to move to the favourite country after retirement. Such warm countries as Bulgaria, Turkey, Italy and Spain serve this purpose.
8. Affection for the country
Perhaps one of the most obvious reasons for purchasing real estate is a liking for a particular country. The mild climate of Cyprus, the infrastructure of Switzerland, high quality of Danish buildings, the architecture of Spain, affordable education in the Czech Republic. Impressions of the trip, multiplied by this or that factor, stimulate the desire to buy here a house or an apartment.
9. Hobbies
Hobby may be one of the reasons for billionaires who buy a house abroad. One of the main buyers of real estate in Europe are the Russians, who are interested in homes with a golf course, stables, vineyards, special wines and cellars. Hobby dictates the requirements to the area of real estate and to the country's climate.
10. Status
However, buying a home in Europe is no longer the prerogative of the great. Describing a buyer of real estate abroad, market participants draw a portrait of a businessman over 30 years old, with a family. For him such a purchase is the confirmation of his social status and successful career. The interest from the Russians of this kind is stable, but experts believe that the real estate market is still far from saturation.
Text: Valeria Myshkina, especially for ee24.com