Russian demand for homes shifting away from Türkiye

ISTANBUL

Russians’ demand for residential properties in Türkiye declined by 50 percent in January-August as they are increasingly turning to the United Arab Emirates and other countries to buy homes, daily Milliyet has reported, citing Russian publication RBC.

Some 11.9 percent of Russians bought houses in the UAE in the first eight months of 2023, showed a poll. Demand from Russians for the UAE properties leaped 55 percent from a year ago. They spent 250,000 euros on average to buy a house in this country.

Around 9.9 of the people polled had said they purchased a house in Türkiye in the January-August period, marking a 50 percent decline. Russians paid 160,000 euros on average to buy a house in Türkiye.

In August, 733 houses were sold to Russian nationals in Türkiye, down from 1,238 residential properties sold in the same month of 2022, according to the latest data from the Turkish Statistical Institute (TÜİK). From January to August, Russians bought 7,961 homes in the country, marking a 1.9 percent year-on-year decline.

Russians’ demand for Turkish properties declined because it became more difficult for Russians to obtain a residency permit and due to the increase in home prices in Türkiye, according to RBC.

Home sales to foreigners fell by 43.6 percent in the first eight months of 2023 from a year earlier to 25,324.

Greece was the second favorite destination for Russian homebuyers, with demand for Greek properties rising 26 percent from January to August last year, according to the poll. They spent 250,000 euros on average to buy a home in Greece.

Around 8.9 percent of Russians purchased a home in Spain during the same period, down 22 percent from a year ago. Thailand ranked fourth on the list, with 8.1 percent of the people polled saying they bought a house in this country.