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GREAT DEMAND FOR ISTANBUL ‘INFLUENCE OF RUSSIA-UKRAINE’ ON THE REAL ESTATE MARKET
House sales in Turkey increased by 20.1 percent compared to February last year. Experts note that there may be a new movement in the real estate market in Turkey, where foreign investors are flocking, in the coming days…
The fact that Turkey is considered a safe haven in the ongoing war between Russia and Ukraine has decimated the real estate market. Russians who are negotiating with agents for investment in luxury and branded housing projects in Istanbul are at the top of the list. According to the February data released, house sales across Turkey increased by 20.1 percent compared to last year.
“Istanbul ranks first in housing sales with 18,752 house sales and 19.2 percent,” said iResidence, a Real Estate provider who evaluates the TURKSTAT data, “Housing sales are 18,752 house sales and 19.2 percent. It was followed by Ankara with the sale of 8,464 houses and a share of 8.7 percent, Izmir with the sale of 5,575 houses and a share of 5.7 percent. Ardahan with 23 houses, Hakkari with 40 houses and Bayburt with 47 houses attracted attention as the cities with the least sales,” was said in a statement.
Emphasizing the issue of sales to foreigners, Turkey iResidence said that 4,591 houses were sold to foreigners in February throughout Turkey, and the share of housing sales to foreigners in total housing sales was 4.7 percent. Altinay said that the first city that foreigners showed the most was Istanbul with a thousand 958 houses, and after Istanbul, Antalya and Ankara were also the preferred cities.
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THEY ARE COMING FOR CITIZENSHIP
Noting that the preferences of buyers vary according to countries, Altinay said that citizenship is a very important point, in addition to citizenship, there are also foreign buyers who buy real estate for different purposes such as investment, short-term vacation, retirement. “Saudi Arabians, Jordanians are buying houses from Turkey for investment, Russians are buying holidays, Iraqis and Iranians are buying houses from Turkey for residence permits,” iResidence said. “The Chinese also want to get citizenship because Turkey is one of the countries that can easily get visas to Europe and America,” was said.
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RUSSIA’S INTEREST WILL GROW EVEN MORE
Turkey iResidence underlined that Russian citizens will be more interested in Turkey due to the sanctions imposed on Russia by Europe and the United States in the coming months. iResidence said that Russia was one of the first three countries that showed the most interest in Turkey, but now this situation will become important with the talk of the sanctions that Europe and the United States will impose on Russia.
It is likely that Russian investors will have to turn to different countries in the coming days, at which point Turkey will be one of the first countries that come to their minds. Noting the relations from the past in terms of trade and tourism, Altinay said that they expect Russian investors to accelerate their purchases of real estate from Turkey in the coming months.
Russian buyers favor Antalya, Istanbul and Izmir, and particularly among the coastal cities once again emphasizing interest, iResidence, they stressed real estate is priced higher than citizens of other countries.
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