Why are more Russians buying property in Turkey?
Despite political tensions between Moscow and Ankara, Russians are increasingly purchasing property in Turkey.
Russians are among the top five most active foreign real estate buyers in Turkey. According to the Turkish Statistical Institute (TurkStat), nearly 1.35 million housing units were sold in Turkey last year. Of those sales, at least 45,500 houses and apartments were bought by foreigners, marking a 14.7% increase from the previous year.
For the first time, Russians were among the most active buyers of Turkish property. In 2019, Russians accounted for 2,893 property sales. The only two demographics purchasing more property than the Russians were Iraqis and Iranians, with 7,596 and 5,423 sales, respectively. In 2019, Russians bought 26% more apartments and houses in Turkey than in 2018.
Real estate experts attribute the increase in Russian sales to low prices. The depreciation of the Turkish lira provided many Russians the opportunity to purchase Turkish property.
As a rule, Russians choose properties located near the sea, which costs less than $1,000 per square meter, according to Anastasiya Falei, a real estate analyst with Prian.ru.
