A selection of the most relevant events of the real estate market of the Republic of Turkey can be found in our traditional digest of the past seven days.
A lot of news last week directly related to housing transactions with foreigners, especially with our compatriots. Thus, the volume of home purchases by Russians increased by 199%: Russians, who previously ranked third after Iranians and Iraqis in the number of monthly transactions, "knocked out" the championship in April and still hold it. From January to September, Russian citizens purchased 9311 units of residential real estate in Turkey. This means that, in fact, every fifth apartment or house bought in 2022 by a resident of another state was bought by Russians.
Turkey is actively working to facilitate everyday payments to our compatriots; Russian air carriers are increasing the number of flights – in December, for example, Pobeda resumes its regular flight program.
The volume of housing transactions with foreigners pleases market players, but illegal realtors from among citizens of other states create certain problems for the country.
In general, the volume of housing transactions for 3 quarters exceeded one million, which is a very good indicator.
From other significant news: firstly, in 2023, Turkey is expected to increase the real estate tax rate. But inflated rates for rental housing due to a nationwide project from TOKI are theoretically able to decrease - and normalize.