Turkey, Antalya's coast

Arrival of Russians and Ukrainians skyrockets housing prices in Antalya

Russians are buying up to 30 flats at the same time in Antalya, while demand is also tripling house rental prices.

The arrival of Russian and Ukrainian citizens seeking to live in Turkey to escape sanctions and war is causing housing prices to skyrocket for purchase and rent in tourist resorts such as Antalya, according to representatives of the real estate sector, who assure that, at a rate of up to 50 houses bought in a single day, they are running out of properties.

Many Russians who spent the winter or long periods on the Mediterranean coast of Turkey are being forced to remain in Antalya, or are even considering residing permanently in the Eurasian country, due to the serious sanctions that are sinking the Russian economy; for their part, the Ukrainians who were also temporarily residing in Turkey, cannot return to their country due to the outbreak of the war and the bombing of their cities.

After the Russian invasion of Ukraine, and in the face of uncertainty about the future that awaits them, some Ukrainians have been taken in by relatives who already lived in Turkish cities such as Antalya; others are even being taken in voluntarily by Turkish families; but those who can afford it are choosing to rent or buy homes in the region, anticipating that they will not be able to return to Ukraine for a long time.

This is causing both purchase and rental prices in the most popular areas of Antalya to reach records. During the past month of February alone, residential property sales in Turkey’s Antalya province increased by 28% compared to last year, reaching a total of 4,727 saled homes.

Of them, 1,099 were purchased by foreigners, which according to official data represents an increase of 106.2% compared to the same month of 2021. And the third home buyers in Antalya in February were Russians, with a total of 509 properties acquired. In addition, given that the war broke out on February 24 and the sanctions came days later, it is expected that the true impact of the conflict on the real estate sector in Turkey in general, and Antalya in particular, will not be reflected until March data is known.

Russians buy up to 30 flats at a time in Antalya

Even so, there are already many entrepreneurs in the sector who are surprised by the level of property sales in Antalya, where they say that some Russian citizens are buying 20-30 apartments at the same time. This unusual demand is also having an impact on rents in the province, where they have tripled from an average of 3,000 liras (183 euros) per month, to almost 10,000 liras (611 euros) per month.

Antalya is in fact the second province with the highest demand for home purchases by foreigners, only surpassed by Istanbul, a metropolis of more than 15 million inhabitants that multiplies the population of Antalya by 6. To put it in perspective, during the past month of February, only 5.65% of the total houses that were sold in Turkey were bought by foreigners; but in Antalya, that percentage reached 23.24% of all sales.

Speaking to Turkish media, Uğur Fer, a real estate agent and executive director of a local real estate agency, confirmed that after the outbreak of the war the popularity of the housing sector has skyrocketed in Antalya, where he estimates that some 30,000 Russians and more than 9,000 Ukrainians live permanently.

“Home sales have been increasing in Antalya due to the war between Russia and Ukraine. Among the wealthy Russian citizens who have settled near their relatives who lived in Antalya, there are some who buy flats in groups, between 20 and 30 flats at a time”, says Fer, who assures that they are running out of properties to sell due to to huge demand. In the last week alone, about 50 flats have been sold in Antalya, he comments surprised, adding that he has just negotiated the sale of 22 houses.

Rental demand triples prices

“With the prospect of being able to return (when the war ends), rents for 3 and 4 months are also increasing,” he says. All this demand is causing house prices in Antalya to skyrocket, ranging between 1 million and 2.2 million liras (between 61,000 and 134,000 euros), depending on the size and location of the property. “Prices have grown very significantly,” emphasises Fer, who indicates that the areas of Lara and Kundu are the preferred places to live both for Russians and Ukrainians.

Ender Anatca, owner of another real estate agency operating in Antalya’s tourist district of Konyaaltı, also confirms that house prices in Antalya have skyrocketed due to the influx of Russians and Ukrainians fleeing the war. According to Anatca, rents are tripling in the region due to the huge demand; however, he emphasises that the Russians have funding problems due to the sanctions against their country, so they are having trouble when buying flats in Konyaaltı, where prices are higher.