Reasons why more and more wealthy Russians buy homes in Türkie

    WORLD  16 August 2022 - 17:55

    The allure of owning property in Türkie is growing among Russian buyers, according to the latest numbers.

    Over 1,000 properties were bought in the country by Russians in July according to the Turkish statistics agency, representing more than 25 percent of foreign buyers in the month, Newsweek reports.

    Since Russia invaded Ukraine, Russian purchases of Turkish property have increased dramatically, overtaking buyers from Iran and Iraq to become the biggest nationality.

    Total sales to Russians in the period April to July last year were 1,186 properties, representing eight percent of foreign sales. In 2022, that number for the same four-month period has risen to 5,342, or more than a fifth of overseas sales.

    One of the attractions of buying Turkish property is the fact that buyers can also get Turkish citizenship as part of the package.

    In April, Türkie's government upped the threshold property price that confers citizenship. Foreigners will now have to pay $400,000 for a property and commit to keeping it for at least three years to get a Turkish passport.

    Previously, the figure was $250,000. Before 2017, it was $1 million, but was reduced in 2017 to attract more foreign buyers.

    As a response, the total number of foreign buyers in the Turkish property market went from 22,400 in 2017 to 40,000 in 2018. The total dropped during the pandemic, but in 2021 it was nearly 60,000. Already in 2022 there have been nearly 40,000 foreign buyers in total.

    Türkie has also become a haven for Russian-owned superyachts, with several moored in Turkish waters.

    The surge in purchases by Russians comes as Türkie is facing economic hardship. Inflation is now nearly 80 percent, and the Turkish lira has lost over half its value in the last year, going from around eight lira to the dollar to almost 18 today.

    Türkie has played a complicated role on the world stage since the Russian invasion of Ukraine. It is a member of NATO, and needs to maintain good relations with the EU, but has also close ties to Russia.

    This has resulted in some awkward moments: Türkie initially blocked the accession to NATO of Sweden and Finland; it tried to act as an intermediary between Russia and Ukraine; and was involved in the recent deal to unlock grain exports from Ukraine.

    Türkie has not imposed sanctions on Russia, unlike the U.S. and most countries of Europe.

    Russian buyers have also more than doubled in Dubai this year, with Betterhomes, a property consultancy, telling Reuters that Russian purchases in 2022 were up over 160 percent.

    According to the National Association of Realtors, pre-Ukraine invasion, Russia accounted for less than one percent of all foreign buyers who purchased U.S. residential property (for the 2015 to 2021 period).

    Caliber.Az




Read also

Turkish Aerospace, Kazsat, Ghalam sign cooperation agreement in space technologies

29 September 2022 - 21:00

Russian railway executive found shot to death on his balcony

29 September 2022 - 20:25

Ethiopia, Somalia eye shift from military to economic cooperation

29 September 2022 - 20:00

Dramatic before, after images show scale of Hurricane Ian’s destruction in Florida

29 September 2022 - 19:03

US to supply Ukraine with HIMARS more than double

29 September 2022 - 19:15

US defeats Russia to head UN telecoms agency in fight for internet’s future

29 September 2022 - 18:17
ADVERTS
Latest news

    POLITICO: Calls grow for China and India to talk sense into Putin

    30 September 2022 - 06:00

    Virgin Atlantic changes gender policy and uniform rules

    30 September 2022 - 05:30

    Volkswagen to list its Porsche brand as separate company

    30 September 2022 - 05:00

    Chinese banks told to be ready for selling dollars in offshore markets

    30 September 2022 - 04:30

    Canadian army dismisses 299 servicemen for refusing to get COVID vaccine

    30 September 2022 - 04:00

    Four grandchildren of Denmark's Queen Margrethe lose royal titles

    30 September 2022 - 03:30

    Full control over Donetsk requires to continue fighting, says Kremlin official

    30 September 2022 - 03:00

    Dust-free radiators help save energy costs

    30 September 2022 - 02:30

    Pension reform triggers first major strike against Macron since his re-election

    30 September 2022 - 02:00

    Russian mainstream media getting overwhelmed with antisemitism

    30 September 2022 - 01:30

    Swiss voters support increase in women's retirement age

    30 September 2022 - 01:00

    Israel to allocate funds for immigrants fleeing Russia

    30 September 2022 - 00:31

    France to close another mosque

    30 September 2022 - 00:00

    Russia's army: An overestimated power in the war against Ukraine

    Analysis by Deutsche Welle

    29 September 2022 - 23:30

    BBC to cut 382 jobs, close two radio stations

    29 September 2022 - 23:00

    Apple blocks Russian social media, communication sites

    29 September 2022 - 22:30

    Politico: Calls grow for China and India to talk sense into Putin

    29 September 2022 - 22:01

    US, South Korea, Japan to begin joint anti-submarine drills on Sep 30

    29 September 2022 - 21:30

    Turkish Aerospace, Kazsat, Ghalam sign cooperation agreement in space technologies

    29 September 2022 - 21:00

    Italy considers referendums in Ukraine’s Donbas, Kherson, Zaporizhzhya illegal

    29 September 2022 - 20:50

    Turkish FM: Azerbaijan's role in energy security increases

    29 September 2022 - 20:45

    FM: Estonia to refuse Russian gas from 2023

    29 September 2022 - 20:35

    Russian railway executive found shot to death on his balcony

    29 September 2022 - 20:25

    Germany’s vice-chancellor: Energy crisis may turn into socio-economic one

    29 September 2022 - 20:15

    Ethiopia, Somalia eye shift from military to economic cooperation

    29 September 2022 - 20:00

    Embassy: Finland to accept applications from Russians for humanitarian visas

    29 September 2022 - 19:48

    Azerbaijani FM: Armenia hinders international efforts on normalisation process

    29 September 2022 - 19:30

    Eurovision 2023: Liverpool and Glasgow are the final two host city candidates

    29 September 2022 - 19:30

    Azerbaijani representative attends part II of 55th ADB annual meeting

    29 September 2022 - 19:24

    Armenia preparing for new war

    Azerbaijan warned and well-armed

    29 September 2022 - 19:18

    US to supply Ukraine with HIMARS more than double

    29 September 2022 - 19:15

    Dramatic before, after images show scale of Hurricane Ian’s destruction in Florida

    29 September 2022 - 19:03

    Greece offers EU to create €80 billion fund to offset gas prices

    29 September 2022 - 19:00

    Russia's international reserves fall by $8 billion in week

    29 September 2022 - 18:51

    Finnish intelligence: Joining NATO could make country as target of Russian operations

    29 September 2022 - 18:50

    Turkish FM: Special representatives work to normalize relations with Armenia

    29 September 2022 - 18:43

    Russian defence company Kalashnikov increases production of light weapons

    29 September 2022 - 18:40

    Armenia unveils losses of September 28

    29 September 2022 - 18:37

    Bulgaria rejects Ukraine's request for heavy weapons

    29 September 2022 - 18:20

    US defeats Russia to head UN telecoms agency in fight for internet’s future

    29 September 2022 - 18:17

    Türkiye postpones meeting of special reps due to Armenia’s provocation

    29 September 2022 - 18:10

    “Criticism towards CSTO - unfounded”

    Russian MFA harshly responds to Armenia

    29 September 2022 - 18:08

    China and Zangazur corridor

    Expert Yuri Poyta comments on Middle Kingdom's interests

    29 September 2022 - 18:05

    Turkish defence chief: “PKK could never represent our Kurdish brothers”

    VIDEO

    29 September 2022 - 17:55

    US claims small risk of using nuclear weapons by Russia

    29 September 2022 - 17:40

All news