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Home Sale Could Decrease By 40% Without Russians and Ukrainens

Home Sale Could Decrease By 40% Without Russians and Ukrainens. According to Turkish media, foreigners have started to put off making a decision to buy more frequently as a result of the housing market’s sharp spike in price.

Sales of residential real estate to residents of other countries grew in 2022 compared to the previous year, but in many cases, it is required to thank Russians and Ukrainian people who, in one way or another, fled combat operations or other similar situations. However, Russians and Ukrainians primarily purchased real estate in tourist locations; Antalya province saw the highest levels of demand. Real estate specialists are also confident that house sales to foreigners will decrease by 40% if purchases made by Russian Federation and Ukrainian nationals are subtracted.

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Remember that the $1 million threshold for purchasing real estate in order to gain citizenship through an accelerated procedure (bypassing a residence permit) was lowered to $250,000 due to the great demand in the real estate market. It was, however, raised once more to $400,000 in the summer of 2022.

Recall that sales to foreign investors soared by 60% in Turkey in just 7 months.

Iranians also buy the most homes in Antalya, followed by Russians and Ukrainians.

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