Russians flee to Istanbul and buy up all real estate – what is happening

It seems that the Russians do not really want to live in their homeland, so until they have been deprived of the opportunity to buy housing in Europe for the war in Ukraine, they are massively buying property in Turkey, which is loyal to them.

Anadolu writes about this.

So, only in May 2022, the Russians purchased more 1.2 thousand objects. It is noted that the demand of Russians for real estate in Turkey was the highest among foreigners. For example, the citizens of Iran, who took second place, bought in May 736 propertiesand the citizens of Iraq 617.

According to the statistics provided by the Turkish Statistical Institute (TUIK), buyers from Russia lead by a wide margin in the ranking of real estate purchases.

Analysts have calculated that in the last month of spring in Turkey, foreigners bought 5.9 thousand residential properties – three times more than in May 2021. At the same time, the share of transactions with foreign citizens reached 4.9%.

Most housing sold to foreigners:

• in Istanbul – 2.4 thousand objects;
• in Antalya – 1.8 thousand;
• there are 264 properties in Mersin.

Where else are the Russians running?

After the full-scale invasion of the Russian Federation into Ukraine, the citizens of the aggressor country, fleeing from disastrous international sanctions, chose the UAE, in particular Dubai, for life. Since the beginning of the war, the demand for housing in the Arab country, compared to the same period last year, has grown by 40%.

The number of transactions increased by 70% compared to 2021. The number of Russians who want to buy a home in Dubai has increased dramatically since the beginning of February 2022.

Earlier, we told why the Russian gas monopoly Gazprom and dozens of other representatives of big business are planning to escape from the Russian Federation to Turkey. We also wrote how landlords in the west of the country cash in on their own during the war.