Ukrainians are buying up property abroad in droves: which countries have become investors’ favorites
9 June 15:12
ANALYSIS FROM 
Foreigners continue to actively invest in Polish real estate. Over the past ten years, the number of apartments purchased by foreigners in Poland has increased fivefold.
According to data from the Polish Ministry of the Interior and Administration, over 17,700 apartments were purchased in this manner in 2025, which is 2% more than in the previous year.
Ukrainians remain the most active buyers. Following the outbreak of Russia’s full-scale war against Ukraine in 2022, interest in Polish real estate among Ukrainians has grown significantly. Last year, Ukrainian citizens purchased approximately 9,300 apartments with a total area of over 548,000 square meters. This is more than the combined figures for buyers from 115 other countries worldwide.
Belarusians also have a significant presence in the market. In 2025, they purchased over 2,700 apartments with a total area of nearly 192,000 square meters.
Indian citizens are also among the active buyers. By the end of the year, they had purchased real estate with a total area of over 16,000 square meters. These are primarily professionals working in Poland in the information technology and modern services sectors.
Real estate in Warsaw remains a focal point for foreign buyers
Marek Schmidt, Sales Director at Dom Development, notes that the share of foreign clients among homebuyers in Warsaw has remained stable in recent years, at around 10%.
Experts attribute this trend primarily to migration processes and the growing attractiveness of the Polish labor market to citizens of other countries.
Analysts believe that demand from Ukrainians and Belarusians has already become one of the factors influencing the structure of housing sales, particularly in the new-construction segment. Developers are increasingly taking the needs of foreign clients into account, and the share of such buyers is gradually becoming a key element in the market’s development.
Experts predict that, given current economic and migration trends, foreign interest in Polish real estate will remain high in the coming years, and Ukrainians will continue to hold the leading position among foreign homebuyers in Poland.
Investing in Dubai: Which Properties Are Most Desirable
Vitaliy Hrytsenko, Associate Director at Aqua Properties, said in an exclusive comment to "Komersant Ukrainian" that after the start of Russia’s full-scale invasion, many Ukrainians began actively seeking ways to preserve their capital abroad. Dubai became one of the most popular destinations for investment, where real estate was viewed as a relatively safe asset with transparent market rules and growth prospects.
According to the expert, in 2022, most Ukrainian clients made decisions to purchase real estate as quickly as possible.
“At the start of the war, many people simply moved their funds abroad and looked for a way to preserve them quickly. People didn’t always analyze the market in detail—the main thing was to buy a property from a reliable developer in a familiar area,” explains Hrytsenko.
The areas of Dubai best known to Ukrainians were in the highest demand: Downtown Dubai, Business Bay, Dubai Marina, and Palm Jumeirah. Buyers primarily focused on properties near the sea or in the central parts of the city.
According to the expert, one of the advantages of the Dubai market was the strict government regulation of the construction industry. All buyer payments go through escrow accounts, and developers’ activities are monitored by government agencies.
Following the first wave of buyers, who sought primarily to safeguard their funds, investors focused on generating income began entering the market. Most often, they purchased apartments during the construction phase with payment plans spread over several years. Once the building was completed, they planned to rent out the units or move in themselves.
“Many clients bought apartments with an eye toward the future. Some planned to move to the UAE in two or three years, while others viewed the properties as a source of passive income,” the expert explains.
How much do apartments cost in the UAE
According to Hrytsenko, the budgets of Ukrainian investors varied significantly depending on their goals and financial capabilities. The minimum entry into the market was about $150,000. For that amount, one could purchase a studio apartment of about 40 square meters.
One-bedroom apartments in popular residential areas cost approximately $300,000 and up.
Buyers with larger budgets opted for homes in prestigious locations near the sea or in the city center. The cost of such apartments started at $700,000 and could exceed $1 million.
Premium properties and villas on Palm Jumeirah constituted a separate segment.
“There were deals on the market for $5–10 million. Ukrainians were buying not only apartments but also expensive villas in Dubai’s most prestigious neighborhoods,” the expert notes.
Dubai’s main advantage over many European countries is the combination of high returns and stable rules of the game. In Europe, investors often face high taxes and lower rental yields. Meanwhile, Dubai maintains a favorable tax regime and high market liquidity.
Turkey, Thailand, and Bali are trying to compete with the Emirati market ; however, according to the expert, these destinations have their own risks.
“In Turkey, investors face currency risks, while in Bali and some other countries, there are restrictions on land ownership. Dubai remains one of the most transparent and predictable markets for investment,” he emphasizes.
How the war in the Middle East has changed the rules of the game in the real estate market
Recent geopolitical events have also affected the Dubai real estate market. According to Hrytsenko, following the escalation of the situation in the Middle East, activity among international investors has noticeably declined.
“Sales have dropped by about 70–80%, and prices have fallen by an average of 10–15%. Many investors have adopted a wait-and-see approach and are monitoring developments,” he says.
However, the expert is convinced that the current situation could present an opportunity for buyers. Especially for those considering investments two to three years down the line, the current period may be advantageous.
