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):
The Relocation.com.ua project has prepared a fresh overview of the Slovak housing market (in the first half of 2025) in three sections — prices/sales, rentals, and construction:
Prices and sales continued to grow. In Q2 2025, the average price of residential real estate in Slovakia rose to €2,777/m², which is +12.8% y/y (and +2.9% compared to Q1). This is a new historical maximum according to NBS data. In Q1, the figure was €2,700/m² (+11.4% y/y). Growth is synchronous for apartments and houses, faster in large cities and regional centers.
The capital has seen a sustained upturn: according to media market data, in Q2, the average price of apartments approached €3,100/m², exceeding the peak of 2022 (the old housing stock is growing faster than new construction).
After a weak Q1 (due to the effect of the VAT increase from 20% to 23% from 2025), Q2’25 in Bratislava showed a sharp rebound — ~797 new buildings sold, which is +60% q/q and the second-best result in four years. For the whole of 2024, sales of new buildings in the capital doubled (1,664 vs. 773 in 2023) — part of the demand was “carried over” due to VAT.
The cost of local mortgages continues to normalize: the average rate for residential loans with a 5–10-year fixed term in June was ~3.0%, which supports solvent demand.
The rental market in 2025 is “cooler” than the price market. The supply of apartments for rent has increased, and average rates in a number of regions have been adjusted downward. At the same time, Bratislava remains the most expensive: the average rent is ~€890/month; the most affordable region among the large ones is Trenčín (~€544/month). There is a significant spread across the capital’s districts.
The gross rental yield in the country is about 4.9% (Q2’25); a year ago it was ~5.3%: profitability is slightly “eaten away” by the outpacing growth in purchase prices.
Housing construction is slowing down: in Q1 2025, 3,119 apartments/houses were completed — the lowest number in 9 years, −24% y/y (data from the State Statistics Office). This is the result of a weak flow of starts in 2023–2024 against the backdrop of expensive money and regulatory uncertainty.
It should also be noted that on April 1, 2025, a new Construction Law came into force, combining zoning and permitting into a single procedure designed to speed up the issuance of permits and reduce bureaucracy. The effect on the statistics of permits and completions will gradually become apparent in the second half of 2025–2026.
By mid-2025, Slovakia will be a “seller’s market” in terms of prices and a “tenant’s market” in terms of rents: prices will reach new highs amid cheaper mortgages and limited completions, while rents will stabilize due to increased supply.
If current trends continue, annual price growth is likely to slow down by the end of the year, but levels will remain high and housing supply will remain below pre-crisis levels.
In the first quarter of 2025, foreigners purchased €113.5 million worth of real estate in Montenegro (-21% year-on-year), with citizens and companies from Serbia, Turkey, and the US being the largest buyers, according to data from the Central Bank of Montenegro (CBCG) published by Vijesti.
Ukrainian citizens ranked 11th, along with buyers from Poland and the Czech Republic.
Ranking of countries by purchase volume, Q1’2025
Outside the top ten, Ukraine, Poland, and the Czech Republic are in 11th place (€2.3 million each), followed by Bosnia and Herzegovina (€1.9 million), Canada, and France (€1.4 million each). The geography of the deals covers buyers “from five continents,” the source notes.
According to CBCG, in January-March 2025, the total inflow of FDI into Montenegro amounted to €211 million, of which 54% was accounted for by real estate purchases. Other forms of FDI (investments in companies/banks, intra-group loans) declined. Monstat records a steady increase in prices for new buildings: the average price exceeded €2,000/m²; the coastal region remains the most expensive.
The rating is based on the value of transactions concluded in Q1’2025 according to official statistics from the Central Bank of Montenegro (CBCG) published in Vijesti; the countries and amounts are given in euros. The final annual results are usually published by the CBCG in consolidated reports.
Source: https://t.me/relocationrs/1340
Relocation.com.ua has prepared an analysis of the Georgian residential real estate market in the first half of 2025: prices are rising, demand is leveling off, and rents are cooling down.
In June, 3,236 apartment deals were registered in Tbilisi, which is +11% y/y (−2% m/m) — the first noticeable rebound after the sluggish spring months, according to TBC Capital. The average asking price in the city is $1,266/m² (+6% y/y), and the average rental rate is $10.6/m² (−12% y/y).
In Tbilisi, 15,865 deals worth $1.2 billion (+2.6% y/y) were registered in the first five months of 2025, with the average price on the primary market in May at $1,331/m² and rent at $9.3/m².
As for Batumi, 7,129 transactions were registered in Batumi in the first half of 2025 (+4.8% y/y), with a total market volume of $397 million (+16.1% y/y). Weighted average prices: new buildings $1,184/m² (+16.1%), secondary market $1,169/m² (+20%).
According to Galt & Taggart’s assessment, sales growth continued in the second quarter in both the primary and secondary markets; rental rates in June were +1.6% y/y, and yields remain high compared to “pyramids.”
Earlier it was reported that the average gross rental yield in Batumi remains at around 8.8% (end of winter 2025).
Prices across the country: double-digit growth in annual terms
According to the Geostat housing price index, in Q1 2025, housing prices in Georgia were +11.53% y/y (in real terms, adjusted for inflation — +7.78%).
Against the backdrop of the high base of previous years, the issuance of permits in Tbilisi in 5M25 declined moderately (by area −1.1% y/y), and in May, 25 permits were issued for ≈203 thousand m² (−18.3% y/y). This is holding back supply growth and supporting prices in the primary segment.
After peaking in 2022–2023, rents in Tbilisi stabilized and fell to $9.3–10.6/m² in May, depending on the source and observation period. Gross yields in Tbilisi remain around ~8–11%, which is comparable to yields in resort locations.
Foreign buyers: activity continues, with Israelis playing a notable role
Government agencies do not usually publish official monthly breakdowns by nationality. However, a Galt & Taggart survey of systemic developers (covering ≈45% of the primary market in Tbilisi) found that buyers from Israel accounted for 11% of all sales in 5M25. Demand from local and “regional” buyers (Russia, Ukraine, Middle Eastern countries) is also significant, but the shares vary from project to project.
Analysts expect moderate, “healthy” growth while maintaining attractive returns in resort locations (Batumi) and a gradual recovery in demand in the capital as rates and incomes stabilize. External demand will remain selective (investment apartments and lots for short-term rent).
Madrid in the first half of 2025 confirmed its status as one of the key business centers of Southern Europe, remaining an attractive market for investors and tenants. Despite high inflation in the eurozone and ongoing geopolitical risks, the city’s office real estate market shows moderate growth and maintains a high level of activity in the premium segment.
Prices and rental dynamics
The average rental rate for Class A offices in Madrid’s central business district (CBD) in June 2025 was €36-39 per sqm per month, 3-4% higher than in the same period last year. In areas outside the CBD, including the Atocha and Chamartin districts, rates are holding between €22-28 per sqm.
The rental growth is mainly due to the shortage of quality modern space and increased demand from international companies in the IT, consulting and finance sectors.
Sales market
The average purchase price of office properties in Madrid in the first half of 2025 was €4,200-4,800 per sqm in central areas. In suburban areas (Alcobendas, Las Rosas, San Sebastian de los Reyes), prices range from €2,200 to €2,800 per square meter.
Deals with investment funds and REITs remain a key driver: in the first half of the year, several large office building renovation projects entered the market, and the volume of investment in the sector is estimated at €1.6-1.8 billion, 12% more than in the same period in 2024.
Expert opinions
According to CBRE Spain analysts, companies are increasingly abandoning old premises in favor of offices with energy efficiency certification (BREEAM, LEED). The share of such areas in the structure of transactions reached 45%, indicating a growing interest in sustainable development.
Jones Lang LaSalle (JLL) notes that demand for co-working and flexible office solutions in Madrid has increased by 15% year-on-year. Startups and branches of international corporations that are expanding their presence in Spain are particularly active using this format.
Forecast
Office rental rates in Madrid are expected to continue their moderate growth of 2-3% in the second half of 2025, especially in the premium segment. Purchase prices, according to Knight Frank experts, will fluctuate within the current values, but investor interest will continue due to stable demand and limited supply of new space.
In the medium term, the Madrid market will remain a benchmark for investors in Southern Europe: the combination of high quality of life, developed infrastructure and a growing number of international companies makes it one of the most stable office markets in the region.
http://relocation.com.ua/office-real-estate-market-in-madrid-results-first-half-2025/
