Real Estate Sales Growth in Turkey: Buyers from Russia Lead the Way
Buyers from Russia lead the way in real estate sales in Turkey
Real estate sales in Turkey in 2023 are growing at a record pace. According to the Turkish Ministry of Finance, 110.2 thousand apartments and houses were sold to foreigners in the first half of 2023, which is 81% more than last year. The Russians lead in terms of the number of purchases, followed by the citizens of Iraq, Iran and Germany.
Russians are among the most active property buyers in Turkey. In the first half of 2023, they bought 30.7 thousand apartments and houses in the country, which is 140% more than last year. The main reasons for the growth in demand for real estate by Russians are:
The low exchange rate of the ruble against the Turkish lira, which makes housing in Turkey more affordable for Russians.
Increasing interest in Turkey as a place for recreation and residence.
The possibility of obtaining a residence permit in Turkey when buying a property.
The low exchange rate of the ruble makes real estate in Turkey more affordable for Russians. Currently, 1 US dollar is worth about 14 Turkish liras. This means that Russians can buy property in Turkey for 70% cheaper than last year.
Türkiye is a popular tourist destination for Russians. In 2022, more than 4.6 million Russian tourists came to the country. Many Russians visiting Turkey are considering moving or temporarily residing in the country.
Turkey grants foreigners who have bought property the right to obtain a residence permit. A residence permit in Turkey gives the right to live in the country, work, receive education and access to medical services.
The growth in property sales in Turkey is expected to continue throughout 2023.