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IN 2022 , THE VOLUME OF HOUSING PURCHASES BY RUSSIANS INCREASED BY 200%

Housing sales to foreigners in September decreased by 23.8% compared to the same month last year and amounted to 5,049 units. The slowdown in the pace of residential real estate sales was partly affected by the increase in the financial threshold for «accelerated citizenship» from $250,000 to $400,000.

The Russians, who had previously come in third place in terms of monthly transactions behind the Iranians and the Iraqis, “knocked out” the competition in April and are currently in control of it. In September 2021, Russian Federation citizens bought 540 residential real estate units in Turkey. In September 2022, they bought 1,196, a rise of more than twice that amount. If we look at the data in the context of the first nine months of the year, there were 9,311 transactions involving Russians buying homes in Turkey, a 199% rise over the 2,021 transactions during the same time period.

Iranians (6,540 purchases from January to September), Iraqis (5,255 transactions), Germans (2,058), and Kazakhs are the next in line, trailing only slightly behind German citizens (2,045). As a result of the military war with the Russian Federation, several lots were also sold to Ukrainians, whose interest in Turkish real estate has surged. In the first three quarters, 1,775 homes were bought by Ukrainians.

 

In overall, sales to foreigners grew by 32.5% from January to September compared to the same time last year, totaling 49,644 sold units.

All residential real estate categories combined saw an increase in transaction volume of around 11% over the previous nine months.

Beginning in 2023, the commission paid to real estate agents will double.

In early October 2022, the official order that adjusted the minimum charge for real estate services for 2023 was released.

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