Russian Purchases Heat Up World’s Hottest Housing Market to Record Levels!

Last year, Russians became the top foreign buyers of real estate in Turkey, driving the world’s hottest housing market with a threefold increase in purchases. This was largely due to sanctions imposed on the Kremlin for their invasion of Ukraine, prompting Russians to seek investment opportunities abroad.

Last year, Russians became the top foreign buyers of real estate in Turkey, helping to sustain the country’s world-leading housing market by tripling their purchases. This growth was attributed to sanctions imposed on the Kremlin for its invasion of Ukraine, which encouraged Russians to invest abroad.

According to the Turkish Statistical Institute, Russian nationals bought a record 16,312 homes in Turkey in 2022 – a 203 per cent increase from 2021 and representing almost a quarter of all sales to foreigners. Consequently, the Russian buying spree played a major role in keeping the Turkish housing market hot.

“Antalya is becoming Russified,” said Ali Kemal Gurdal, a property developer in the Mediterranean city. Many Russian buyers are applying for citizenship, a right granted to those who buy homes for at least US$400,000, he said.

Sales to foreign nationals in the southern province of Antalya, a popular holiday spot, soared 77 per cent in 2022 to 21,860. Iranians, the top buyers the previous year, still maintained their position as the second largest purchasers with 8,223 homes, followed closely by Iraqis and Germans. Consequently, foreign investment in the region has increased significantly.