Antalya, houses, apartments

Russians are already the largest home buyers in Turkey

House sales to Russians grew by 186.6% in April in Turkey, even though property prices have doubled due to inflation.

Russians are already the largest home buyers in Turkey, according to recent data released by the Turkish Statistical Institute (TÜİK), which shows that real estate sales rose by nearly 40% in the past year, despite the fact that prices of flats have skyrocketed in the country.

The latest TÜİK report shows that home sales grew by 38.8% last month to 133,058 properties sold, marking a new all-time record for an April month in Turkey, despite rising prices have made the average cost of a flat in Turkey exceed one million liras for the first time in history.

This increase comes despite problems in the supply chain of materials, which together with the enormous inflation, have practically doubled house prices in Turkey in the last year, forcing the government to take action in the face of the difficulties that many Turks face to find affordable houses to buy or rent.

Much of this increase in home sales in Turkey must be attributed to Russian citizens, who have flocked to the Turkish housing market in search of a safe place to invest and live, in the face of harsh sanctions and the economic collapse that confronts Russia because of the war in Ukraine.

Data indicates that sales to foreigners grew by 58.1% in April compared to the same month in 2021, reaching 6,447 properties. And for the first time, Russians have been placed at the head of the ranking of foreign home buyers in Turkey: specifically, sales to Russian citizens of flats and houses in Turkey grew by 186.6% in April compared to a year ago, reaching 1,152 properties, more than double that the 547 they acquired in March. Istanbul and Antalya are the favourite places for Russians to buy a home in Turkey.