Reasons for Russians' Interest in Buying Real Estate in Turkey

With the increasing demand for purchasing Turkish real estate by some foreign nationalities, the following question arises urgently to understand the reality of the matter: What is the reason for the increased interest of certain nationalities in buying properties in Turkey?

In this context, we also answer another question on the same topic: Why do Russian citizens choose Turkey as a new destination for their real estate investments?

Why do Russians prefer real estate ownership in Turkey?

Successive statistics from the Turkish Statistical Institute have provided various classifications regarding the number of foreign investors who chose ownership within Turkey properties in the recent period. These statistics show an increasing demand from specific nationalities, with Russian citizens showing a clear rise. Russians have become among the top five foreign nationalities owning property in the Republic of Turkey in 2020.

According to statistical information from the General Directorate of Land Registry and Cadastre, Iraqis topped Turkish real estate sales to foreigners, followed by Iranians, then the British, then Germans, then Russians, and then Saudis.

According to the Turkish Statistical Institute (TurkStat), the number of homes sold to foreigners during 2019 reached approximately 45,500, with Russians accounting for 2,893 of these homes.

Turkey is also the number one destination for Russian tourists, with Russian citizens ranking first in 2019 for the number of foreign tourists in Turkey, with more than 7 million Russian tourists out of a total of 51 million foreign tourists.

What are the reasons Russians are interested in buying properties in Turkey?

Among the most important reasons behind Russian citizens’ interest in buying and owning real estate in Turkey:

1. Turkey’s warm climate compared to the extremely cold weather in Russia.
2. Turkey is a favorite destination for Russian tourists due to the low cost of flight tickets from all Russian cities and the fact that Russian citizens do not need a visa to enter Turkey.
3. The low property prices in Turkey due to changes in the Turkish lira exchange rate against foreign currencies.
4. Lower cost of living compared to the available luxuries.
5. High-quality architectural models within Turkish properties, especially in residential complexes or apartments with sea views on the warm seas.
6. The desire to obtain Turkish citizenship and its benefits, as the Turkish passport allows visa-free entry to several important countries, with the possibility of obtaining a US E2 investor visa.

Russians prefer to buy apartments in Antalya

In this regard, Ms. Anastasia Vale, a real estate expert, told Al-Monitor:

“Russians often choose properties close to the sea, where the cost per square meter is less than 1,000 US dollars, especially in high-quality residential complexes that include a range of upscale facilities suitable for families—something not usually found in residential complexes in Russia.”

It is well known that most Russian investors prefer real estate ownership in Antalya city on the Mediterranean coast, as it is a popular tourist destination for them.

According to Ms. Vale: “Russian investors usually come from major cities in Russia and often aim for long stays during the summer holidays with their families, which drives them to own apartments for sale in Turkey.”

Other important information and topics, discover them:

1. The most famous districts in Istanbul and their features.
2. Turkish-Saudi relations and trade exchange between the two countries
3. Learn about the Sile area in Istanbul and its most important features

Edited by: Imtilak Real Estate©

Source: Turk Press            

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