Russian Buyers Boosting Turkish Property Market

Posted by admin 21/06/2021 0 Comment(s)

Russian Buyers Boosting Turkish Property Market


Foreign buyers and Investors, especially Brits, are selling their Turkish properties. According to verified reports, this was a direct result of the Covid 19 epidemic and the current slow growth in the UK. Some had to lower the selling price for quick sales. Others tried to get a reasonable price to repurchase a home in the UK, where prices had dropped drastically. All reports had one thing in common: Russian, Chinese, and Scandinavian buyers and investors were becoming dominant on the buying side.


Marmaris has long been a favourite option for wealthy Russian customers and is one of Turkey's most costly shopping venues. However, in many other places around Turkey, we are seeing Russian buyers boosting property purchases.


Property in Alanya, Antalya, and Fethiye are proving particularly popular with Russian buyers, with the latter being especially popular because of the Russian's love of Olu Deniz. Of course, Istanbul is currently one of the top places in the world for property investment, and Russian buyers are joining investors from all around the world in investing in the cities opportunities.


According to the leading Russian property magazine International Residence, Turkish property has risen to become the third most popular choice with Russian overseas property buyers, who surveyed 499 investors at the Moscow International Investment Show. Only Spain and Bulgaria were more popular.


Turkish property prices continue to rise at a steady pace this year. The Turkish association of real estate investment companies GYODER, in partnership with REIDIN, has revealed a 0.24% year-on-year growth for May.


According to the REIDIN-GYODER New Home Prices Index data, 0.24% of the previous month is nominally up by May 2021. There is a nominal rise of 5.47% following May 2020.


Istanbul saw the most significant increases in the first quarter of 2021, with prices up 2.45% on the European side and 3.25% on the Asian side. There have been reports of Russian buyers favouring the Asian side of Istanbul, which could partially explain the more significant growth rate.


Russia was the #1 foreign national to buy property in Turkey in the recent year with 2313 homes. The British and Germans followed the Russians. In addition, Chinese and Scandinavian buyers and investors have demonstrated considerable interest in the Turkish real estate market.


Mersin's as a favourite Location

In recent year, foreigners favoured Mersin's, Southern Province. It was — Tunisian, Yalovian, Bursa, Ankara, and Trabzon – that followed Mersin.


Since a statute was issued last year that removes the conditions for reciprocity and lifts limitations on the sale of land and property to foreign people and companies, the real estate market has seen increasing acquisitions of foreign property.


The surge in Russian sales is attributable to cheap pricing by property specialists. The Turkish lira's devaluation offered a chance for many Russians to buy Turkish property.


For its mild temperature, Turkey is a favourite location for Russians. Many Russians like that swimming season may stretch from May to November in the Turkish vacation locations. The Turkish environment draws millions of Russian visitors every year, and it is thus reasonable that some people have opted to purchase a property. In addition, Russians are permitted visa-free travel to Turkey, and cheap flights from several Russian cities to Turkey are constantly accessible.


According to the Turkish media, the country drew a record number of tourists in 2019, just before the Covid-19 pandemic hit. There have been almost 51 million foreigners visiting Russia, with the number of visitors taking the first position. More than seven million Russians came to Turkey.


Russian overseas property buyers and investors choose residences and flats on the Mediterranean shore in Antalya and Alanya. Between the Russians, big cities are not that popular. Russian buyers, for example, are not interested in Istanbul and Bursa, where many other international buyers like Chinese and Scandinavian acquire.


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