Leading Russian overseas property portal 1-property.ru has just revealed its first ever chart of top overseas property destinations, based on search data from users of the site.
The top 5 is as follows:
1. Bulgaria
2. Spain
3. Turkey
4. Montenegro
5. Cyprus
Firstly, Bulgaria in number 1 is particularly significant. No, not that it is a favourite with Russian buyers, who have always tended to choose Eastern Europe for their beach holiday homes, but for Bulgaria's ailing property market. The number of Russian buyers is growing rapidly, and the Bulgarian property market is in a lot of trouble from oversupply. Russian buyers could potentially increase in volume sufficiently to really pull the market out of the proverbial.
Secondly Spain, another significant result, though we have been hearing similar reports about British buyers returning to Spain, it seems the dark clouds may be lifting there as well. It also has a massive oversupply problem and needs all the help it can get.
What a result for Turkey in third. Turkey is climbing the ranks of British charts as well, and for it to be third with Russian buyers backs up the reports we have been hearing from Turkish property agents.
Montenegro certainly isn't surprising, it has long been a favourite with Russian tourists.
Cyprus, again, a market in a lot of trouble, left near-baron by the exodus of British buyers, and could gain a lot from an influx of Russian ones.
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