Russians buying residential properties in Istanbul

ISTANBUL

More and more Russians are buying homes in Istanbul, particularly in the Acıbadem quarter and around Bağdat Avenue, the high-end street on the Asian side of the city, real estate agents in the area have said.

Russian nationals have increased their purchase of residential properties in Türkiye after the conflict broke out in Ukraine. They have mostly been buying homes in the holiday destination of Antalya, on the Mediterranean coast.

However, young and wealthy Russians are now purchasing properties in Acıbadem and around Bağdat Avenue, real estate agents told daily Milliyet.

“Those people get to know the area on social media and contact us. They are seeking a vibrant social life and want to live in a posh neighborhood,” they added.

Bağdat Avenue is known for its luxurious department stores, cafes and restaurants.

Homes in Acıbadem and around Bağdat Avenue come with a price tag between 5 million to 20 million Turkish Liras. Russians not only buy properties but also rent houses in those areas, according to the real estate agents.

Demand has exploded since the war. Unlike Iranians and people from the Middle Eastern countries, Russians buy smaller, one-bedroom or two-bedroom apartments, said Sühran Aras an expert at Coldwell Türkiye.

“They want to fully enjoy the city, they want to be near where the action is that’s why they prefer the Üsküdar district as well as Acıbadem and Bağdat Avenue,” Aras explained.

The main destination of Russian homebuyers is still Antalya, said Hakan Bucak, board chair of Mars Investments.

“For years, Russians have been vacationing in Antalya, they somehow got used to the city and they want to be with their family members and friends living in the province. The quality of the houses and the neighborhoods are not their priorities in Antalya,” Bucak said.

From January to June a total of 21,039 homes were sold to foreign nationals and 20.5 percent of those properties were bought by Russians, Bucak added.