Russians are no longer buying homes in Turkey: Turkey fails to make the list

The countries that stand out in Russians' demand for purchasing property abroad this year have been determined. Turkey, with a sharp decline, could not even make it into the top 5. According to data from the international real estate brokerage firm Tranio, the most popular country was Thailand. In the January-July 2024 period, Thailand ranked first with a 13.6% share of total Russian purchases. During this period, demand for Thailand increased by 65% compared to the previous year and by 231% compared to 2022.

According to the news in Türkrus, Georgia drew attention by ranking second in Russians' housing demand. Georgia, which was in sixth place in 2023, showed a significant rise this year with a 12.3% share. Behind this rise in Georgia are the low real estate purchase threshold in the market (prices starting from 35 thousand dollars) and the large number of Russian citizens moving to Georgia.

TURKEY IN SIXTH PLACE

In third place is the United Arab Emirates (UAE). While the UAE received a 7.8% share, this rate showed a 23% decrease compared to last year. The reason for this decline is cited as real estate prices in the UAE reaching their peak and some investors executing exit strategies from projects started in 2022.

Turkey was able to rank sixth in Russians' housing demands with 5.8%.

Demand for Turkey decreased by 32% compared to 2023. Nevertheless, Turkey remains among the most sought-after countries, along with France and Spain.

While the average housing purchase budget in Turkey is stated as 274 thousand euros, this rate goes up to 400 thousand euros in France and Spain.

PURPOSES FOR PURCHASING HOMES HAVE ALSO CHANGED

In addition to these countries, Cyprus, Indonesia, and Czechia are also among the countries preferred by Russians for purchasing homes.

As of 2024, the purposes for which Russians purchase homes abroad have also changed. While 30% of Russians aimed to obtain a residence permit or citizenship when buying homes abroad in 2023, this rate fell to 18.9% in 2024. Purchases for investment purposes, on the other hand, rose from 38% to 72%.

This situation is explained by Russian investors turning to new locations and investment vehicles. Mikhail Bulanov, co-founder and managing partner of Tranio, states that this trend is creating significant changes in the market.

ANOTHER STUDY: TURKEY IS THE MOST SOUGHT-AFTER COUNTRY

A slightly different picture emerged from another study: According to data from the NF Group, the UAE was the country where Russians had the highest housing demand in the first half of 2024. The UAE was followed by Hungary, Cyprus, and Thailand, respectively.

While France ranked fourth, Spain and Turkey shared fifth place. The NF Group states that in the first half of 2023, Turkey was the most sought-after country, with the UAE in second place and Cyprus in third. The NF Group emphasizes that these changes in Russians' housing demands occurred in parallel with the increase in purchases, especially for investment purposes.

News Source: 12punto