Russians become top foreign buyers of Turkish homes as sales rise 38.8 percent in April

Last updated: 17th May 2022 9:52 pm

1 Min Read

Turkish home sales rose 38.8 percent year on year in April to 133,058 units, data from the Turkish Statistical Institute showed on Tuesday, with more than double the number of houses sold to Russians compared to a month earlier, Reuters reported.

Sales to foreigners rose 58.1 percent, the institute said. Russian nationals rose to the top of the list in April with 1,152 houses from 547 in March. They were followed by Iranians and Iraqis.

Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow’s invasion of Ukraine and Western sanctions, many property companies say.

The data also showed April mortgages rose 82.9 percent from a year earlier to 32,030, accounting for 24.1 percent of total sales in the period.

***Show us some LOVE by sharing it!***

Share This Article

By News About Turkey - NAT

Follow:

Founded by a small group of Turkish/Kurdish scholars who have been subjected to persecution at the hands of the Erdogan dictatorship, News About Turkey (NAT) has emerged as a platform that is both exceptional and invaluable. Our objective is to provide you with a comprehensive and sophisticated understanding of the events and developments in Turkey (Türkiye), a country with profound historical and geopolitical importance, a vibrant culture, and a strategic location. Our founders, who have been purged by the Erdogan regime after the so-called coup attempt, are aware of the significance of journalism that is both free and independent. Because of this understanding, we are committed to providing reporting and analysis that is both objective and comprehensive. To give you the most thorough coverage of Turkey, we go further than just scratching the surface. Keep in touch with us so that you can have a better understanding of Turkey's developing story as well as vital and comprehensive news items. Whether you are a resident of Turkey, a member of the Turkish/Kurdish diaspora, or simply someone who has a strong interest in this vital country, we are the most reliable source for news that not only informs but also inspires and engages you.