This year something strange happened. Russians topped the list of foreign nations to buy property in Turkey. The count of houses they bought increased by 186.6% year-over-year in April. It became 1,152. Iranians came second with 905, then came the Iraqis with 714.
Why do Russian investors prefer Turkey? Which cities are the most preferred by Russians? For the answer to all these, read our article now!
We will be discussing the locations Russian investors prefer in Turkey, why they choose to invest in Turkey, and the advantages of getting Turkish citizenship. Lastly, we have a brief about the popular areas for investment.
Where Do Russians Prefer to Invest Most in Turkey?
The chairperson of Helmann Yapı, Selman Özgün, notes that after the war, both Russian and Ukrainian interest in Turkey increased. He also states that this difference is especially visible in Antalya. Antalya has been a location for summer tourism forever. Russians and Ukrainians had been dominating the foreign population for years. That is why they continued investing more in Mediterranean coats than in big cities. However, the biggest cities are always considered by foreign investors.
Why Do Russian Investors Prefer Property Investment in Turkey?
With the given Turkish economy, prices of property in Turkey are quite reasonable for Russian purchasers. Russian investors highly consider buying properties, located near the sea, for less than $1,000 per square meter.
For this money, they get high-quality new complexes with swimming pools, gyms, and playgrounds for children, Anastasiya Falei, a real estate analyst said. New buildings in Turkey are very different from new buildings in Russia. Of course, comfort attracts a lot of Russian clients. Plus, the content of housing, taxes, and the cost of living and recreation in Turkey are also relatively low.
The affordability of houses in Turkey even creates investment space for average jobholders. Buying a big house in Turkey is easier than buying a small house in big cities in Russia.
Cost of Living
The most significant expense you face in Turkey is housing. Even that is a lot cheaper than Russia. 400 to 1500 TL a month is enough for household bills. The maximum cost of council tax and insurance is 700 TL per year.
One adult can have a fulfilled life with only 6,000TL a month, without rent. For foreigners, it is possible to live like an upper class even though they were not one in their home country.
Russian purchasers like to come to Turkey with their families for long vacations. Getting citizenship for you and your family is possible by buying Turkish property. There is the condition of buying at least $400.00 worth of property.
Turkey has astonishing Aegean and Mediterranean coasts. In contrast to Russia’s extremely cold weather, Turkey has some locations, warm and sunny for most of the year. Summer residences are cheaper than their counterparts in European countries, also summers in Turkey are a lot more drastic.
Russian people like to visit Turkey because they are familiar with the culture. They have a notable Turk Muslim population in Russia. Furthermore, workers are familiar with Russian people and usually can speak Russian in tourist locations. You will not have a language barrier when trying to meet your needs in Turkey.
Why Do Russians Want to Get Turkish Citizenship?
The biggest reasons Russians are interested in getting Turkish citizenship are being able to enter Japan and Singapore without needing a visa and having more advantages when applying for an E-2 visa in the United States.
Locations Preferred by Russian Investors: Top 7 Spots
The Russian has been a loved visitor in Turkey for quite a long time. They do not only visit here in summer but also invest in the long-term. We are going to talk about the main locations they like to invest in and whether these choices seem sensible or not.
Since Russian visitors prefer to visit Turkey in the summer, we chose the best places in Istanbul to stay in the summer for you. Those are the two most-known islands of the Princes’ Islands, also known as the Prinkipos Islands. The prices of properties in the Princes’ Islands went up by 51.95% in 2021.
Buyukada has great nature and a lively atmosphere. One of the most famous activities done there is the island breakfast. It is a typical Turkish breakfast, but the island makes it special.
Motorized vehicles are not allowed on all of the Princes’ Islands. However, there is a lot to see on the island. So, there are different ways of transportation there. Yet, we cannot help but suggest cycling. You can rent a bike there easily. Our last advice would be to see the great mansions there. They are gorgeous enormous mansions with sophisticatedly decorated huge gardens.
Heybeliada is the second biggest one of the Princes’ Islands. As opposed to Buyukada’s lively and crowded atmosphere, it has a cozy feeling to it.
In Heybeliada, you have the opportunity of seeing the whole island with an electric vehicle tour.
The total number of foreign companies directly investing in Izmir reached 2,823 in 2020. It is one of the biggest cities in Turkey and attracts interest from investors in different sectors. The city is commonly known as the Pearl of the Aegean, and its history dates back 8,500 years. It is a fast-developing city, and the real estate sector promises a great opportunity for investors and people interested in purchasing a good lifestyle.
Antalya has 300 days of sunshine per year, as well as 163 blue flag beaches. It is preferred by foreigners for a relaxing beach trip. It is also convenient, with major facilities and public services being accessible.
There is only a slight chance of not making a profit since Antalya has only gained value in property, and the graph shows no signs of going downwards in the future.
Alanya is getting many foreign investments in property because it is seen as a safe bet. Alanya has been growing in convenience and city development. Alanya International Airport is open now. So domestic and international flights make transportation easier for non-locals. Sportive facilities, mainly golf courses, will be built and active soon.
One other advantage of this area is the amount of investing assistants. You can always find someone experienced in guiding your investment in the area.