Russians are investing more and more in real estate in Turkey. The number of home purchases by Russian nationals in Turkey has almost tripled in one year, according to the Turkish newspaper “Sabah”. The main reason: Western sanctions against Russia after its invasion of Ukraine. The influx of investors from Russia and other countries has caused real estate in Turkey prices to soar, much to the chagrin of Turks hit by the economic crisis.
The number of real estate properties acquired by Russian citizens in Turkey jumped 186% in one year, between April 2021 and April 2022, reports the Turkish daily Sabah.
Since the beginning of the war in Ukraine, Russian nationals, whether they are wealthy oligarchs anxious to shelter part of their fortune or members of the middle class determined to flee Putin’s Russia, have been investing in the Turkish real estate. They thus acquired 1,152 properties in the country last April, mostly in Istanbul but also in Antalya, a very popular tourist destination in Russia. The city had welcomed more than 4 million Russian tourists in 2021.
Russians are now at the top of the ranking of foreigners who have acquired the most real estate in Turkey, ahead of Iraqis and Iranians.
Faced with the influx of foreign investment, which increased by 50% between January and April, Turkey has just modified a law which allowed buyers of property costing more than 250,000 dollars [approximately 237,000 euros] to obtain the Turkish nationality. It will now be necessary to pay at least 400,000 [379,000 euros] to be able to acquire it.
If the Turkish real estate market may seem attractive to some foreigners with hard currency, it is becoming increasingly out of reach for Turks, due to high demand and galloping inflation. Thus, the prices of real estate in Turkey have jumped 125% in one year, reports the daily Habertürk.