The number of real estate transactions carried out by Russians in Spain has reached its highest level since the annexation of Crimea in 2014. From January to June 2023, the number of home sales transactions conducted by Russian citizens was 2,137, an increase of 50% compared to the same period last year.
This is also the highest number of real estate transactions since a record 2,573 in the first half of 2014, when Russia annexed Crimea from Ukraine and came under Western sanctions.
In Spain as a whole, real estate transactions by foreigners fell by 7.5% to a total of around 68,000 transactions. Britons, Germans and Moroccans accounted for the largest share of real estate transactions, while Russians, Ukrainians and Americans reportedly accounted for the biggest gains this year.
Anna Larina, CEO of real estate company NF Group, says Russians are buying more property in Spain than they are selling. She linked this trend to Spain’s so-called “golden visa” scheme, which allows buyers of property worth at least 500,000 euros ($544,000) to obtain a three-year residence permit with their families.
Larina points out that many wealthy Russian buyers do not intend to move to Spain for permanent residence, as Spain’s program also allows for free movement between EU member states.
Madrid is considering suspending its “golden visa” scheme after the European Commission urged member states to end these programs due to security and money laundering risks.