Russian citizens are on a real estate shopping spree – not in their own country, but in neighboring Lithuania.
According to the Lithuanian national broadcaster LRT, Russians have purchased 297 properties in Lithuania during the first half of this year. Most of the purchases were for apartments (119 units sold), but houses and land plots were also acquired, along with buildings that could be transitioned into housing purposes.
The Russian real estate purchasing activity is down year-over-year – 401 Lithuanian properties were acquired by Russians during the first half of 2022. And that number by go down further – in May, a new Lithuanian law was enacted that only allows Russians with residency permits to buy real estate in the country.