Citizens of the Russian Federation accounted for the greatest amount of real estate purchased in the Republic of Turkey, compared to all other foreigners. This trend will probably continue, particularly since Aeroflot Airlines made it simpler to get to the Aegean Coast, where resort properties are also in very high demand among Russian investors.
According to a study by Propriete Generale Group, 31.44% of foreigners who purchased real estate in Turkey starting from late February 2022 were Russians.
UAE nationals were the second: they accounted for 20.03% of transactions. Georgia came third with 15.26% and Kazakhstan, fourth with 14.84%.
Ivan Iarincovschi, co-founder of Propriete Generale Group, commented that almost 90% of Russian buyers purchase buy-to-live properties in Turkey. At the same time, over 60% of Russians purchasing homes in the UAE do so for investment purposes. Russian nationals also frequently buy apartments in Latin America but in this case the reason is, homes are inexpensive on that continent and the residency status is quite easy to obtain.
According to analysts, real estate purchase and sale by foreigners changed due to the new geopolitical crisis. In late 2021, Russians mostly preferred to buy property in countries such as Portugal, Greece, Cyprus, and Spain (besides Turkey).
Over 1.6 million real estate transactions of different types were made in the Republic of Turkey over the first half-year.