UrBC, Yekaterinburg, July 29, 2015. Locals are no longer investing in the less expensive foreign property in Bulgaria or Turkey, Pavel Fomin, Director of Yekaterinburg-based BeHome, told UrBC.

‘The customers who used to buy homes abroad do not have the money at the moment, so the demand sagged down to zero. The other type of customer, the ones who used to invest in expensive property in Spain, have hardly been affected by the crisis, so things are looking much better in this market segment. On the whole, the foreign estate market is faced with declining demand,’ Fomin said.

Fomin reports the demand for property outside of Russia typically stands at its highest in March and April; this year, however, was different because of the economic downturn.