Russians have made investments in Turkey real estate over the past year

In 2022, Russians purchased 16,312 properties in Turkey, which is three times more than in 2021. This is evidenced by the calculations of analysts of the real estate company Kalinka, referring to the data of the Central Bank of the Russian Federation and the Turkish National Statistical Institute.

According to the Central Bank, the outflow of capital from Russia by the end of 2022 amounted to $217 billion. Of this amount, more than $4 billion was spent by Russians on the purchase of housing in Turkey, according to the Kalinka report.

Russians have been leading in the number of transactions with foreigners in Turkey since April 2022. Thus, the share of Russian buyers of real estate last year amounted to 24% of all such transactions with foreigners against 9% in 2021. In second place in 2022 was the leader of last year — Iran, its share decreased from 17% to 12%, and in third place — Iraq from 9% against 15% in 2021, the study says.

"In February, we note a significant decrease in the demand of Russians for real estate in Turkey due to a series of earthquakes and an increase in the time for customers to make purchase decisions. However, in the first days of March, we are already recording a smooth recovery in demand and expect its gradual recovery mainly in the segment of modern new buildings that meet all seismological requirements. At the same time, the demand for secondary housing will decrease," commented Pavel Tymoshenko, CEO of Kalinka Turkiye.

The rapid growth of Russians' interest in the Turkish housing market last year was led by the events of February-March 2022 and the announcement of partial mobilization in September. Read more about why Turkey became popular and what Russians bought in this country in the material "RBC-Real Estate".