According to Lenta.ru, the decline in housing prices has already affected 22 of the 27 EU countries. Investors in the Latvian and Estonian markets lost the most (20 to 40%). In the UK, a favorite of Russians, the price per square meter of housing fell by 10-12%. Buyers of apartments and houses in Portugal, Malta, Norway, France, Spain, Greece, and Luxembourg lost 5 to 10%. In other countries, the decline does not exceed 1-2%.
However, this is official statistics. According to Valery Barninets, director of sales at the real estate bureau, the real decline often exceeds official data. For example, in Spain, discounts on houses and apartments often reach 50%.
Despite the market decline, foreign real estate owners are very hopeful for Russian buyers. After all, Russians typically make purchases bypassing credit institutions.