Although after record demand in 2022, each new complication of the procedure for a residence permit and a Turkish passport led to a drop in the number of applications and transactions from Russians, in 2023 they remained the main buyers of real estate among foreigners and purchased 10,560 properties in Turkey.
Then the citizens followed:
- Iran (4,272);
- Iraq (1,917);
- Ukraine (1,720);
- Kazakhstan (1,440).
Home sales to foreigners decreased by 48.1% compared to the previous year and amounted to 35,005 properties. In 2023, the share of real estate sales to foreigners amounted to 2.9% of all sales, compared to 4.5% in 2022.
The cities popular with foreigners for buying real estate remained the same, but they changed their priority. In 2023, Antalya took the first place with 12,702 sales to foreigners. Istanbul was the second province (11,229), and Mersin took the third place (3,016).
The year 2023 turned out to be difficult for Turkey, which is now systematically moving towards adjusting its economic course. The increase in the key rate, earthquakes, restrictions on preferential credit programs for the population, tightening of migration policy and many other factors caused a decrease in real estate sales in 2023 by 17.5% compared to the previous year, amounting to 225,926 properties.
The highest sales are traditionally in major cities of the country:
- Istanbul — 16.2% (198,739 sites);
- Ankara — 9.3% (114,432);
- Izmir — 5.3% (65,465).
At the same time, it is interesting that the share of sales in new buildings remained at the level of 2022 and amounted to 31% of the total number of transactions in 2023.
Due to high inflation and the ban on foreign persons using the bank’s service, mortgages in Turkey are becoming less popular, despite an increase in the amount of investment in real estate to obtain a residence permit (from 50 to 200 thousand dollars).
The total number of properties sold for mortgages in 2023 amounted to 177,748 (14.5% of total sales) — this is 36.6% less than last year. But for Russians, there is still the possibility of a profitable purchase of housing with an extended repayment period of up to 15 years and an additional discount from the developer of 10-15%.
Learn more about the developed mortgage lending program for Russian citizens in Russian partner banks Tranio.
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