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Russia, Iran, Ukraine nationals top Turkey's real estate market for foreigners

Official data shows the number of foreign real-estate buyers has increased in May from the previous month.
View of the cottage village in the suburbs of Alanya, also known as the Turkish Riviera.

The number of Russian, Iranian and Ukrainian real-estate buyers in Turkey has increased by 23%, official data released on Thursday showed.

According to May figures released by the country’s official Statistical Institute (TUIK), the number of foreign homebuyers has increased to 3,167 from 2,557 from the previous month. The figures showed the three countries’ nationals have remained the top three foreign real estate buyers in the country and that their number is on the rise. Russians, Iranians and Ukrainians bought 991, 503, and 175 houses in the country, respectively, the May figures showed. 

The Russian invasion of Ukraine in February 2022 prompted Ukrainian citizens to join the largest number of foreigners purchasing houses in Turkey. The number of Russian buyers, which was already high before the war, has also skyrocketed. Ankara's refusal to join the Western sanctions against Moscow unlike the majority of its NATO allies has turned Turkey into a relatively suitable destination for Russian nationals.

The number of foreign homebuyers in Turkey has been steadily and significantly increasing since the government introduced its citizenship-for-property scheme in 2018. The threshold for citizenship has risen to $400,000 from $250,000 last year in the face of the dramatic devaluation of the Turkish lira against hard currency.

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