Which country ranks first in buying a house in Turkey?

According to Tejarat News, what is the reason for the prosperity of the Turkish housing market due to the Russians?

IRNA According to Deutsche Welle, the purchase of a house in Turkey jumped sharply in April following the Russian invasion of the Turkish real estate market.

According to the Turkish Statistics Center, 133,058 housing units were sold in April this year, an increase of 38.8% over the same period last year.

Transactions with foreign customers also increased by 58.1%, which is a significant increase compared to the average.

In April, sales of Turkish homes to Russians doubled. While 547 homes were sold to Russian citizens in March, the figure rose to 1,152 in April.

The next rank belongs to the citizens of Iraq.

Following the Russia-Ukraine war on February 24 this year, the country, as well as a number of its real figures, faced Western sanctions.

Since then, many wealthy Russians have identified Turkey as a safe place to invest.

“Russian buyers are rich and not oligarchs,” a co-founder of the Golden Sine real estate firm in Istanbul told Reuters, according to SPIEGEL ONLINE.

According to him, a number of Russian customers are buying three to five apartments.

What has especially attracted foreign investors to Turkey is the country’s ever-falling national currency.

The Turkish lira lost 44% of its value against the dollar last year alone. In 2022, no improvement was seen in this area.

That is why foreign buyers are attracted to invest in the housing sector of this country.

The Turkish economy is recovering from the crisis. In February this year, inflation in this country exceeded 50%.