Turkey, the new destination for Russian buyers of holiday homes

Antalya, Turkey - Image Enviromentalistt / Shutterstock.com

Russians became the biggest foreign buyers of holiday homes in Turkey in 2022 after sanctions limited their ability to purchase in traditional European markets.

According to the Russian news agency Kommersant on Monday, December 26 Russians accounted for 13,900 of the 61,740 homes bought by foreigners in 2022. According to the Turkish Bureau of Statistics, this is a rise of 20.23 per cent over the corresponding period in 2021.

Russian buyers far outnumber those of other countries with Iranians in second place at 7,540, Iraqis at 5,890 and Germans at 2,490.

In November Russians accounted for five times the number of homes bought by Iranians, who continue to occupy the number two spot.

According to a report by the NF Group, Turkey is currently one of the three most popular spots for Russians buying abroad with Cyprus and the United Arab Emirates as the other two.

Not everyone in the country is happy with the number of foreigners snapping up property with locals in Antalya calling for a ban on the sale and rental of properties to foreigners. They say the demand from abroad has pushed rentals in the area by almost 400 per cent in the past two years, which the high rentals unaffordable for many locals.

With sanctions taking their toll on the movement of the average Russian, Turkey has benefited by becoming one of the favourite destinations for Russian buyers of holiday homes.

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Written by

Peter McLaren-Kennedy

Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]