What to buy in Turkey, UAE and Thailand at the price of a one-bedroom apartment in Moscow

Now the average cost of a one—bedroom apartment in new buildings in the capital exceeds 16 million rubles (€ 200 thousand, or $ 212 thousand). In Turkey, for this price, you can buy an apartment with several bedrooms near the sea, and in Dubai - a one-room apartment

Over the past year, the interest of Russians in foreign real estate has grown significantly. According to analysts, the top 5 most popular countries for buying a home abroad include Turkey, the UAE, Cyprus, Thailand and Portugal. These countries attract Russians with the possibility of obtaining a residence permit and affordable — by Moscow standards — real estate prices.

Together with experts, we tell you what you can buy in these countries at the price of a Moscow studio apartment. According to the Metrium company, now the average cost of a one-bedroom apartment in new buildings of the capital (excluding the elite segment) is about 16 million rubles (€200 thousand, or $212 thousand).

Turkey

Turkey is the most popular country for Russians to buy real estate abroad, and Russians have already become the most active investors in Turkish real estate among foreigners. The main reasons for the popularity of the Turkish housing market among Russians are a favorable climate, a lot of Russian speakers, the opportunity to get a residence permit, low cost of living and affordable real estate. According to the Endeksa analytical real estate valuation platform, the average price in Turkey is 1 sq. m. the cost of housing was about 50 thousand rubles (€674), and the average cost of the lot was about 6.5 million rubles (€87.6 thousand).

According to Turk.Estate and Turkeyhouse, in Istanbul, prices for the cheapest housing in new buildings at the initial stage of construction start from 5.2 million rubles (€70 thousand). At the same time, the average price of a finished lot with an area of at least 80 sq. m. m is 21.2–22.4 million rubles (€270-300 thousand). In Alanya, prices for one–room apartments in houses under construction start from 3.7 million rubles (€50 thousand), and two-room apartments at the initial stage of construction cost from 4.4 million rubles (€60 thousand). In already built buildings, the average price of a one-room apartment is 9.3-9.7 million rubles. (€125-130 thousand), two—room - 11.2–11.5 million rubles (€150-155 thousand).

In Antalya, in built houses, a one–room apartment costs an average of 11.2—11.9 million rubles (€150-160 thousand), and a two-room apartment costs 13-13.4 million rubles (€175-185 thousand). In Mersin, a one–room apartment costs an average of 5.6—5.9 million rubles (€75-80 thousand), a two-room apartment costs 7.4 million rubles (€100 thousand).

Thus, the amount of 16 million rubles (approximately € 200 thousand, or $ 212 thousand) for the Turkish market can be considered quite decent. According to the general director of Kalinka Turkiye Pavlatimoshenko, with the budget of a Moscow one-bedroom apartment in popular locations (Istanbul, Antalya, Alanya), you can buy a new comfort+ class building with a living room and two bedrooms. If you buy an apartment at the construction stage, the price increase by the time of delivery of the object can reach 40%. "Basically, objects in Turkey are rented with a fine finish, equipped with furniture and appliances in the kitchen and bathroom areas. Also included is usually a parking space,"— said Pavel Tymoshenko.

Those wishing to buy real estate in Turkey should take into account that Alanya is more accessible than Antalya, and the closer to the sea and the main infrastructure, the more expensive, added Elena Marinicheva, Vice President of Russia Sotheby's International Realty. But in general, with the budget of a Moscow studio apartment in Turkey, according to her, you can consider any city. Moreover, having such a sum on hand, you can buy several apartments.

In addition, by purchasing real estate in Turkey with a budget above $ 75 thousand (5.6 million rubles), the buyer has the right to obtain a residence permit (residence permit). This amount fits perfectly into the budget of a Moscow studio apartment, said the general director of Kalinka Turkiye. But to become the owner of Turkish citizenship, you need to purchase more expensive real estate from $ 400 thousand (30.1 million rubles). The cost of a one-bedroom apartment in the capital is no longer enough for this.

UAE

The UAE ranks second in the number of transactions with foreign real estate among Russians. The high interest in this eastern country is explained by the absence of sanctions against Russians, available SWIFT transfers from banks that have not fallen under sanctions, as well as the possibility of direct flights to the country. It has all the necessary infrastructure, and the legislative framework is favorable for doing business. Russians consider buying real estate in the UAE as a spare airfield (for relocation and long-term residence) or as an investment.

One of the most popular locations is Dubai. In 2022, our compatriots became the leaders in buying real estate in Dubai among foreigners. But the cost of real estate in Dubai, as well as in the UAE as a whole, is higher than in Turkey. According to Becar Asset Management, according to the results of the first quarter of 2023, the average price in Dubai was 1.5 million dirhams (approximately 30.8 million rubles), and the average transaction price was 2.4 million dirhams (about 49.3 million rubles). Despite the rather high price tags, there are about 2.5 thousand apartments on the market at the price of a Moscow one-bedroom apartment (about 800-850 thousand dirhams), said Alexander Pestryakov, head of foreign projects at Becar Asset Management. Basically, these will be small studio apartments and one—room apartments, the expert added.

Buyers with a budget of about 800 thousand dirhams can purchase ready-made or under construction studios in the Jumeirah Village Circle (JVC) area of Dubai. In the JumeirahLakes Towers (JLT) area, you can also buy a studio for this price, added Maria Shurshalina, founder of Shurshalina Real Estate. "For this price, there are studios with full finishing, kitchen accessories, household appliances, a free gym and a swimming pool in a residential complex. At the same time, the concept of a studio in Dubai is different from ours — these are premises with an area of 30-40 sq. m," Maria Shurshalina said. Having expanded the budget to about 19 million rubles, one-bedroom apartments with an area of 60-70 sq. m can already be purchased in the same complexes, she noted.

For the price of a one-room apartment, in addition to Dubai, you can consider buying an apartment in Abu Dhabi or Sharjah, continued Elizaveta Sklyarova, a leading expert on real estate investment in the company "Floors". Basically, these will be mini-studios on the secondary market. "In new buildings, you can try to find objects of a larger area (in the area of 40-50 "squares"), but with late delivery dates (2025-2026). The later the deadline, the more options for apartments, including renovated and furnished, from developers," the expert said.

Cyprus

Another country that is popular with Russians is Cyprus. Here, the cost of housing is on average higher than in Turkey, but comparable to the UAE. According to Intermark Real Estate, the average budget for buying a home in Cyprus is about € 300 thousand (about 24 million rubles). Real estate at this price and above is suitable for obtaining a permanent residence permit in Cyprus. This status can be obtained when buying primary real estate.

But even with the budget of a conditional one-bedroom apartment in Moscow, you can consider Cyprus for the purchase of real estate. For this amount, you can buy an apartment with one or two bedrooms in a new economy class building in Larnaca, says Intermark Real Estate partner Irina Mosheva. "If you increase the budget a little, you can buy an apartment with one or two bedrooms in Paphos, Limassol will require even more investments, since this city can be called the most expensive for buying real estate," the expert noted.

The lowest housing prices in Cyprus, unlike in many countries, are in the capital — Nicosia. According to Irina Mosheva, with a budget of up to €200 thousand, you can buy a one-bedroom apartment in a high-quality new building of the comfort segment with finishing. An apartment in the center of Nicosia can fit into the budget of a Moscow one-bedroom apartment. It will be a small one-bedroom apartment or studio. At the same time, this budget implies a lot in a high-quality new building, with finishing and plumbing.

"In most cases, all apartments in Cyprus, regardless of the class of housing, are rented with finished finishes, plumbing. In some projects, the price of the apartment includes a parking space. Furniture, as a rule, is not included in the price, but it can be purchased with a set directly from the developer," the expert added.

Thailand

Thailand is also among the top 5 popular countries for buying real estate abroad. Here, unlike, for example, European countries, Russians are free to buy real estate. There are no difficulties with paying for real estate either: if the Russian bank is not under sanctions, then the transfer will take place. The popularity of this country is explained by the warm climate, the opportunity to make money on renting housing (you can, for example, buy apartments for rent), as well as relatively low housing prices.

According to experts, the minimum entry threshold when buying a home in Thailand is about $ 100-140 thousand (7.5–10.5 million rubles) for high-quality objects. For example, for such an amount, you can buy a furnished studio with an area of 30-35 sq. m. m in a popular tourist location in a residential complex with its own infrastructure or a hotel room with an area of 30 sq. m. m in the complex at the construction stage. "Today, the normal budget at which you can consider buying real estate in Thailand is from $ 200 to $ 400 thousand. That is, the budget is 16 million rubles. ($212 thousand) is quite working," said Elena Marinicheva, Vice President of Russia Sotheby's International Realty.

According to her, for this amount you can buy both a studio and a two-bedroom apartment. For example, in Phuket, you can buy one-room apartments in a residential complex with developed infrastructure and within walking distance from the beach. In Pattaya, prices are lower, so the budget of a Moscow one-bedroom apartment is enough for a spacious two-bedroom apartment or two small studios. "With such a budget, Bangkok can also be considered. But it will not be the city center, rather residential areas, that is, not central, but remote areas of the city," the expert added.

Portugal

To buy real estate in Portugal, which is in the top 5 popular locations among Russians, the budget of a Moscow one-bedroom apartment (€ 200 thousand) is enough for an apartment in any city, and not even one. For example, with about €100 thousand, Russians can buy good housing both in the primary and secondary market of Portugal, says Anna Larina, director of the Department of Foreign Real estate at NF Group. According to her, in Portugal with such a budget (€100 thousand) today you can buy a studio similar to the Russian one, but larger in square footage (with an area of 30-40 sq. m. m) or an apartment with a separate bedroom and kitchen area of 40-65 sq. m, for example, in the northern districts of the country, such as Viseu and Vila Real. In the secondary market in Portugal with a budget of about € 100 thousand, you can become the owner of a studio even in large cities, for example in Porto.

In locations located 30-60 minutes away from the largest cities (Lisbon and Porto), € 100 thousand will be enough to buy both one-bedroom and two-bedroom apartments. If we talk about the Portuguese capital Lisbon, then the minimum cost of such housing even in the suburbs starts from € 150 thousand. To buy a decent two-bedroom apartment in the center of Lisbon, you will need at least 200 thousand euros, which roughly corresponds to the cost of a one-room apartment in Moscow, Anna Larina added.

In general, the acquisition of real estate by Russians in Portugal is now possible, experts say, but with several difficulties. For those Russians who previously did not have valid accounts in European banks, the main obstacle is the issue of payment, said the director of the Department of foreign real estate NF Group. Due to the sanctions restrictions and the current geopolitical situation in general, the transfer of funds from Russian banks for Russians who previously did not have existing accounts with European banks and are opening them now is no longer possible, she explained. Therefore, Russians first need to get a bank account in friendly countries (for example, in Kazakhstan, Uzbekistan, etc.). Only after opening such a bank account is it advisable to open an account with a European bank, transfer funds there and pay for real estate in Europe.

However, there are pitfalls here, Anna Larina warned. Payment from a European account belonging to a private individual who has already previously opened an account in a friendly country will be divided into several payments (50-100 thousand euros each). "But in general, such schemes, despite some difficulties, work, our citizens continue to buy real estate in EU countries," the expert said.

According to Irina Mosheva, Russian citizens can also still conduct real estate transactions. There are several ways:

• opening an account in Portugal, transferring from a bank of the Russian Federation or the CIS to your account, it is important to know that Russian citizens cannot keep more than € 100 thousand in an account with a bank of Portugal, so the payment will be in several tranches;
• the payment goes directly to the seller or developer from EU or CIS banks;
• payment via a trust account.