68% of home purchases abroad are for residence: what a 9-month 2026 market study showed

In brief

• In the first nine months of 2026, 68% of foreign home purchases by wealthy buyers from Russia were made for residence, 14 percentage points more than a year earlier.
• The share of investment purchases fell from 46% to 32%, and the total number of deals by 21%.
• The average transaction value fell by about a quarter: buyers choose properties closer to programme thresholds.
• 70% of buyers do not plan to move: they want visa-free travel, accounts, business, education and healthcare abroad.
• Europe rose to 50% of deals, while South-East Asia fell from 32% to 19% and the Middle East from 17% to 8%.

68% of deals for residence: what the study showed

The study covers deals by wealthy buyers from Russia on foreign markets in the first three quarters of 2026. The headline figure is the share of purchases for a residence permit: 68% against 54% a year earlier. The share of investment deals, where a home is bought for income or price growth, shrank in mirror image: from 46% to 32%.

Intermark Global reported a 21% fall in transaction numbers and a 25.5% fall in average transaction value. The average covers all transactions in the study, not only purchases made for residence permits.

What this means for you. The foreign property market for buyers from Russia has become a market for status. If you are buying for residence, you are in the majority, and the right property for you is one chosen for the programme's requirements, not for yield.

Who buys, and why?

As analysts describe them, these buyers already own a main home. As a rule they travel and have experience of living or doing business abroad. Their free funds start at roughly USD 300,000, and their total wealth including assets and businesses usually exceeds USD 3 million.

The most telling figure is that 70% of buyers do not plan to move. Their goals are different: visa-free travel, doing business, opening accounts abroad, children's education and access to healthcare. In other words, residence is needed as a tool, and the home as a way to obtain it.

This changes what a deal requires. Someone who will live in the flat cares about the neighbourhood, schools and infrastructure. Someone who needs status cares about the property meeting the programme, clean documents and the ability to renew residence without trouble. If you do not plan to live in the country, check whether the programme has a presence requirement: it decides whether you keep the status.

What this means for you. If you need residence as a backup rather than for a move, choose a programme with minimal presence requirements and a property with clear documents. A beautiful view is secondary here.

Europe rose to 50% of deals

The geography of deals shifted noticeably over the year. Europe grew from 41% to 50%: every second deal is now made there. South-East Asia, by contrast, lost share: from 32% to 19%. The Middle East's share halved, from 17% to 8%. Turkey held at 6%.

The shift to Europe follows the same logic of status. Europe has programmes where buying a home gives residence, while in South-East Asia homes are more often bought to live in or for income. Meanwhile other consultancy data for the third quarter show the UAE leading by number of deals, followed by Thailand and Georgia. These figures do not contradict each other: the studies count different samples and periods. More on the third-quarter data in the article on where people buy homes abroad.

What this means for you. If you are choosing a country for residence, Europe remains the main direction, but the choice within Europe has narrowed: some programmes are closed.

Why is investment demand falling?

Analysts explain it this way: investment demand keeps shrinking after a period of hype, while interest in solutions tied to international mobility remains. The buyer has become more rational: what matters is not just buying a property abroad but solving a specific task with it.

There are practical reasons behind this too. Rental income abroad is taxed in the country of the property and sometimes in the buyer's country of residence. Transferring money and bank checks have become harder and slower for buyers from Russia. Selling a property and moving the money out is not easy either. Against this background, buying for income loses its point, while buying for status keeps it: status gives rights that do not depend on the rental rate.

There is also a threshold effect. When programmes raise their minimum amounts, some buyers drop out, and those who remain buy exactly at the threshold. That is why the number of deals and the average ticket fall at the same time, even though the thresholds themselves are rising.

What this means for you. If you were counting on rental income abroad, recalculate it taking into account taxes in two countries and management costs. For many buyers the real yield turns out lower than advertised.

What status costs on top of the home price

The property price is not the whole bill. On top of it the buyer pays purchase tax or VAT on a new home, residence permit fees, lawyer and notary services, and translation and legalisation of documents. Then every year there is property tax, insurance, utilities and management, even if nobody lives in the flat.

Purchase taxes change. Greece, for example, is discussing raising the purchase tax on homes for non-EU buyers to 15%, as we wrote in the news on the 15% tax in Greece. If such a measure is adopted, the full cost of status will rise more noticeably than the programme threshold itself.

Family is a separate cost item. Most programmes allow a spouse and children to be included, and some also parents, but separate fees are paid for each family member, and additional income sometimes has to be proven. Budget for the whole family at once, not just for the main applicant.

What this means for you. Allow 10 to 15% on top of the home price for taxes, fees and services, plus annual ownership costs. This is our practical estimate; the exact amount depends on the country and the property.

Where a home purchase still gives residence

The choice of countries where buying a home gives status has narrowed in recent years. Portugal removed housing from its golden visa in 2023, Spain closed its golden visa in 2025, and Latvia closed the property route in 2026, as we wrote in the article on Latvia closing residence for property. The remaining programmes require more money than a few years ago.

In Greece thresholds were raised in 2024, and demand moved to regions with a EUR 400,000 threshold and to conversion projects; more in the article on Greek golden visa applications. In Cyprus buying a new home gives permanent residence, but parliament is discussing restrictions for non-EU buyers, as covered in the news on Cyprus purchase rules. Programme terms are on the page on Cyprus permanent residence.

What this means for you. The average ticket is falling because buyers choose properties at programme thresholds. That is the right strategy if the property meets every requirement, not just the price.

Residence without moving: where you need not live permanently

Since 70% of buyers do not plan to move, the key question is how to keep the status without living in the country. Programmes answer it differently. The Greek golden visa has no minimum stay requirement: the status is kept as long as you own the property and renew the permit. Cyprus permanent residence for investors requires visiting the country at least once every two years. The UAE golden visa, unlike an ordinary residence permit, is not lost through a long absence.

But the absence of a residence requirement does not mean the absence of consequences. Without living there you will not become a tax resident of the country or build up time towards citizenship. If a future passport matters to you, choose a programme and a travel schedule with naturalisation in mind, not just keeping the permit.

What this means for you. Programmes without a requirement to live in the country suit a backup status. A path to citizenship needs other solutions: there, years of actual residence count.

Checking the risks of buying for status

When a home is bought for residence, the main risks come not from the market but from the programme. The first is a change of rules: thresholds rise, programmes close, new restrictions appear. A purchase made under the old rules is usually protected, but only if all documents are filed on time.

The second risk is a property that does not fit the programme. A price below the threshold after currency conversion, a resale home where a new one is required, no separate title, a property in a zone with a different threshold. Such mistakes come to light after the purchase, when they are expensive to fix. How to check a property, using Cyprus as an example, is covered in the article on property due diligence in Cyprus.

The third risk is the source of funds. For buyers from Russia, banks and migration services check the source of money especially carefully. Proof of income, account history and contracts for the sale of assets all need to be prepared before the deal, not after.

What this means for you. A purchase for status needs the same checks as a purchase to live in, and sometimes stricter ones: a mistake costs not only money but the residence permit.

What this means for a buyer in 2026

Property selections in different countries are collected in the real estate section, and residence programmes in the residence catalogue.

Sources

• NDGAP: Residence permit for guest investor
• TASS: Intermark Global, 21.10.2026

How this article was prepared

Figures on the share of purchases for residence, investment purchases, the number of deals, geography and the buyer profile are cited from a consultancy study published in the Russian business press on 20-21 October 2026; the study does not disclose its sampling method. Data on the leaders by number of deals in the third quarter come from another consultancy study. Programme thresholds follow the current rules of Greece, Cyprus, the UAE, Turkey and Hungary; information on programme closures follows decisions by the authorities of Portugal, Spain and Latvia. This article does not replace advice on your own transaction.