Turkish flow: Russians solidly spent at home in Turkey

Comparatively low prices, an affordable passport program and investment prospects make Turkey attractive to Russian high-budget real estate buyers. Kommersant in his article with reference to Tranio’s study writes that the average transaction budget has grown more than three times since 2019, to € 337 thousand. Regarding 2019, the figure rose more than three times.

analysts associate a trend as an increase in average prices for objects in Turkey and with an increase in the share of high-budget transactions. According to TRANIO estimates, the share of investments with the budget more than € 200 thousand in the overall structure of demand for two years increased from 10% to 24%. Mainly we are talking about penthouses in Alanya and Antalya. Simultaneously, single transactions with luxury objects began to affect the statistics, whose budget exceeds € 500 thousand

Russians are one of the most active foreign property buyers in Turkey. According to estimates of the local Statistical Institute, in January-September, Russian investors acquired 3.1 thousand real estate in the country, taking third place after immigrants from Iran and Iraq. This year, the demand of Russians for Turkish real estate increased by 64.4% regarding last year’s level and by 60.6% with respect to 2019.

The main factor that stimulates the demand of Russians for real estate in Turkey is the desire to obtain a local residence permit or citizenship. The latter is possible when buying an object cost from € 250 thousand, which is cheaper than European programs.