Monday, December 5, 2022

Russians and Ukrainians pounce on houses in Turkey

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In April, 1,152 houses were sold to Russian buyers in the country, Turkey’s Statistics Office (Tüik) said on Tuesday. Compared to the previous year, this is an increase of 186 percent. Sales to Ukrainians also increased by more than 180 percent year-on-year.

However, more houses were sold in general: According to Tüik, it was 38.8 percent more than in the previous year. Sales to Russians have increased by more than 100 percent since March, and by 56 percent to Ukrainians.

In the largest group of foreign buyers, Russian nationals replaced Iranian nationals, who took first place both in the previous month and in the previous year. Demand from Iranian citizens also increased compared to 2021, but only by about 60 percent.

Real estate prices are skyrocketing

Real estate agents in the Mediterranean city of Antalya had previously reported that demand from Russian and Ukrainian citizens had increased significantly since the start of the war against Ukraine. Tens of thousands of Russians have since turned their backs on their country. The government in Ankara has not released figures on how many Russians have come to Turkey since then.

Prices on the Turkish real estate market have skyrocketed, according to official statistics from the central bank, the increase in February 2022 was almost 100 percent compared to the previous year. The Turkish national currency, the lira, lost almost 50 percent of its value compared to the dollar and euro last year. (SDA/uro)

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