Real estate and immigration: the most significant events of the week

According to a report prepared by Eurostat, in the first quarter of 2022, property prices in the EU grew at a record pace in the last 15 years. On average, apartments and houses in the European Union have risen in price by 10.5% compared to the same period last year.

Price increases took place in all countries without exception, with the most significant ones in the Czech Republic, Estonia and Hungary: 24.7%, 21% and 20.6%, respectively. The most modest figures were recorded in Cyprus (1.1%), Finland (4.3%) and Italy (4.6%).

Almost all EU member states also saw an increase in residential property sales in 2021, and in some of them it broke national records. So, in Portugal More than 165 thousand objects were sold, which is a new historical maximum. The average cost of one square meter of housing in properties purchased by citizens and residents of Portugal was 1,428 euros, and in those purchased by foreigners – 2,209 euros.

In June 2022, there was an increase in demand from foreign citizens for real estate in Turkey. The leaders among them continue to be Russians, who purchased 1,887 housing units this month. In total, foreigners, among whom there are many citizens of Iran and Iraq, accounted for 5.7% of the number of sales transactions concluded. The most popular destinations are Istanbul, Antalya and Mersin.

Home sales continue to grow at an accelerated pace in Spain, where 60,059 transactions were registered in May – almost 30% more than a year earlier. Buyers continue to prefer resale properties, which have sold more than at the peak of the construction boom in 2007. In the case of new buildings, sales amounted to only a third of the pre-crisis figure, which is explained by their noticeable rise in price caused by rising prices for building materials and energy resources.

A record was also set in terms of total investments in all types of Spanish real estate, which reached 9.87 billion euros. Most of the investment was directed to the retail sector (shops and other retail establishments), residential real estate (mainly intended for rental) and hotels.

At the same time, a decrease in interest in the Golden Visa program was recorded in Spain, while in Greece the number of requests for it in the first half of the year increased by 127%. Over the same period of time, the number of active holders has decreased for the first time since the introduction of this program in 2014. Almost 550 people decided not to renew their residence permit in Greece after its five-year validity period expired.

IN UAE “Golden visas” can now be processed by developers who, after the client pays for the selected property (at a price starting from 2 million dirhams), will register ownership and submit the appropriate application. If all documents are in order, the entire process is expected to take no more than two weeks.

“Golden visas” based on investment in the local economy will begin to be issued to foreigners Cambodia. To obtain a renewable residence permit in Cambodia for a period of 10 years, an investment – including in real estate – in the amount of 100 thousand US dollars will be required, and if it is maintained for five years, it will be possible to apply for citizenship. You can now receive it directly in exchange for a non-repayable contribution of at least 245 thousand US dollars.

Neighboring Thailand is also planning to introduce a new long-term ten-year visa, applications for which will be accepted from September 1. In addition, the country’s government is developing a bill according to which foreign citizens will be able to become owners of land plots of up to 1,600 sq.m. Investments in the country’s economy of at least 1.1 million US dollars over three years are a mandatory condition.

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