According to the Arvio report for the first quarter of 2025, 7.19% of all real estate transactions in Croatia were concluded by foreigners. The most active among them are:
· Slovenia — about 30.2% of transactions with foreigners
· Germany — approximately 21.1%
· Austria — about 10.4%
Buyers from Ukraine did not make it into the top 10 list of the most active real estate buyers in Croatia, but there are dozens of transactions involving Ukrainians purchasing real estate in Croatia.
At the same time, Ukrainian buyers are quite noticeable in the Balkans as a whole — in Montenegro, they ranked 11th among foreign real estate buyers, and in Bulgaria, they are consistently among the top 10 most active investors.
In recent years, the number of deals concluded by foreigners in Croatia has been declining:
· 2022 — ~ 13,344 deals
· 2023 — ~ 12,278
· 2024 — ~ 11,623 deals
Foreign buyers are particularly active in coastal regions such as Istria and Kvarner, as well as in areas popular for vacation and secondary housing. New apartments and houses that require minimal renovation or are immediately ready for occupancy or rental are in particularly high demand.
Real estate prices in some regions of Croatia are showing steady growth — about 10% per year. In coastal and tourist areas, average prices for new projects and apartments are significantly higher than the market average.
Given current trends, it is predicted that the share of foreign buyers in the total volume of transactions by the end of 2025 will remain within 8%, possibly declining slightly due to rising prices and housing affordability issues. Prices on the coast are expected to grow faster than average, driven by supply shortages, high tourist demand, and a focus on new properties.
There is also likely to be increased demand from Europeans in neighboring countries (Slovenia, Austria, Germany) and “returning diaspora.” As for purchases from countries outside the EU, the situation is less clear, and no significant flows have yet been recorded in public sources.
A decrease in supply on the residential real estate market in Kyiv and stable demand from buyers are maintaining the upward trend in prices for new buildings. By the end of the year, the cost per square meter will increase by 10-15%, the DIM group of companies told the Interfax-Ukraine agency.
“According to analysts at the DIM group of companies and industry observations, if the pace of the second half of the year does not fall below that of the first, the city will receive approximately 12-14 thousand new apartments by the end of the year, which is 15-20% less than last year. At the same time, limited supply amid stable demand will contribute to a further 10-15% increase in prices in the primary market by the end of the year,” the group said in a statement.
According to DIM, in the first half of 2025, the average price of new buildings increased by approximately 14% compared to the same period last year. Thus, , the average cost per square meter in new buildings is currently about $1,000/sq. m in the “economy” segment, $1,300/sq. m in the “comfort” segment, $2,200/sq. m in the ‘business’ segment, and $4,400/sq. m in the “premium” segment.
At the same time, the rate of increase in housing prices on the secondary market in the capital is slower: in the first half of 2025, prices rose by 8-10%, and the average cost per square meter on the secondary market is $2,000/sq. m.
According to Arseniy Nasikovsky, junior partner at DIM, the ability to move into ready-built housing is the main factor in choosing housing on the secondary market. However, a further reduction in the supply of new buildings in the event of a deterioration in the security situation will also shift the focus to secondary market properties.
“The choice between primary and secondary housing in 2025 will depend on the balance between readiness, risk, and the buyer’s financial capabilities. If the buyer values the ‘move in and live’ formula, they will choose secondary housing. New buildings offer a fundamentally different level of comfort, primarily a new level of security, which is very important in wartime, modern layouts, energy efficiency, and the availability of shelters and parking lots,” the expert explained.
According to DIM’s forecast, the restoration of new construction volumes to pre-war levels can be expected no earlier than the end of 2027. Today, there are only 140-145 residential complexes for sale on the capital’s market, which is a quarter less than before the war.
The portfolio of the development company DIM consists of real estate in Kyiv and the region with a total area of over 900,000 square meters. More than 3,600 apartments have been commissioned, and more than 356,000 square meters of residential and commercial space has been built. Six projects with a total area of more than 346,000 square meters are currently under construction.
Analysis, DIM, KYIV, REAL ESTATE, WHEAT
Foreigners are actively buying housing in Bulgaria, forming a significant share of transactions in the real estate market, according to local specialized associations and agencies.
According to the Bulgarian Real Estate Association, in 2024-2025 the greatest interest is shown by citizens of the UK, Germany, Greece, Israel, Romania and Ukraine. The most demanded objects on the Black Sea coast (Varna, Burgas, Nessebar) and in mountain regions popular for winter tourism (Bansko, Pamporovo).
Top 10 countries of real estate buyers in Bulgaria (2024-2025):
UK
Germany
Greece
Israel
Romania
Turkey
Italy
Russia
Ukraine
Poland
Experts note that the demand of foreigners stimulates the growth of prices: over the year the cost of housing in seaside resorts increased by 8-10% on average, in Sofia – by 6-7%. Apartments in new buildings in the middle segment (from €60 thousand), as well as apartments for rent to tourists remain popular.
Ukrainians are firmly entrenched in the top ten foreign buyers: their interest is due to both temporary relocation because of the war, and investment motives – the possibility of renting out housing in resort cities.
At the same time analysts predict further growth of demand from citizens of Ukraine and Israel, as well as revival of interest from EU countries, where housing prices are much higher than in Bulgaria.
According to the Bank of Greece (BoG), foreign investment in Greek real estate rose to €2.75 billion in 2024, coming mainly from EU countries, while maintaining high growth rates.
Quarterly data also confirms high interest, especially in tourist regions and large cities. In the first six months of 2024, real estate purchases accounted for 54.2% of all foreign direct investment (FDI) in the Greek economy — an absolute record.
Top 10 countries investing in Greek real estate (approximate data)
Unfortunately, BoG’s public data does not yet reveal the exact figures for each country, but some trends are clearly visible:
Ukrainians and Russians are represented, but their share is not among the top three countries investing in real estate. Their contribution is comparable to other investments from Eastern Europe — most likely within the 3-5th echelon, depending on regional preferences.
The main buyers are concentrated in Athens, Attica, Thessaloniki, Chalkidiki, as well as on popular islands such as the Cyclades and Ionian Islands. The apartment segment remains the leader — about 64% of investments, followed by villas and townhouses (~19%).
According to data from the Cypriot Ministry of Internal Affairs presented to parliament, as well as reports from Cypriot media, foreign buyers purchased more than 37,000 properties on the island between 2021 and 2024.
Top 10 buyer countries (2021–2024)
The statistics show some regional characteristics, for example, in Paphos, the British traditionally lead (~4,500 properties), in Limassol, the Russians lead (~2,500), followed by the British and Israelis. In Larnaca, the British, Lebanese, and Israelis are active, while in Nicosia, a significant portion of transactions are carried out by Greeks and British.
Since 2021, foreigners have purchased more than 37,000 properties, while Cypriot citizens have purchased more than 200,000. Transactions involving foreigners are concentrated in Limassol and Paphos (about 60% of all transactions).
The main trends in the Cyprus residential real estate market are:
Experts predict further growth in interest from citizens of Israel, Lebanon, and Ukraine, as well as a possible revival of Chinese investors as currency restrictions ease.
Vietnam has significantly expanded its visa-free regime, adding 12 European countries to the list of countries whose citizens can stay in the country for up to 45 days without a visa. This is valid from August 15, 2025, to August 14, 2028, and covers EU countries such as Belgium, Poland, the Czech Republic, and others that have joined the existing list, which includes France, Japan, the UK, and others.
This has signaled a revival in the resort real estate market: tourists with long visa-free periods and high incomes have become actively interested in buying villas, apartments, and condo hotels, especially in tourist areas. The Vietnam Association of Real Estate Agents (VARS) notes an increase in demand and a steady recovery in the sector.
The foreign population in the country is small but diverse:
Real estate purchase prices (per square meter):
Rental prices (per month):
