Uzbeks rank among top foreign buyers of real estate in Russia

Uzbek citizens have secured third place among foreign buyers of real estate in Russia, according to a report by "Izvestiya".

It was noted that Uzbekistan accounted for 15 percent of all real estate transactions in the country.

In addition to Uzbeks, citizens of Belarus (21 percent) and Kazakhstan (18 percent) are the leading foreign buyers of Russian property.

The report also highlighted that foreign buyers predominantly purchased apartments in Moscow (65 percent of transactions), St. Petersburg (10 percent), and the Moscow region (15 percent), with these areas seeing more transactions than other regions.

Experts attribute the interest of foreign citizens in Russian real estate to the market's attractiveness and its potential for capital preservation.

“In addition, Russian legislation does not restrict the purchase of real estate by foreigners, which allows citizens of other countries to invest in housing,” the report stated.

It is worth noting that earlier, an apartment in the renowned Banpo Xi complex in Seoul, South Korea, was sold for 7.4 billion won ($5.1 million), and the buyer turned out to be a citizen of Uzbekistan.