Russian citizens top foreign house buyers in Turkey in April

Russian citizens bought 1,152 houses in Turkey in April, topping the list for foreign home buyers, according to official data released on May 17. Russians were followed by Iranian and Iraqi buyers.

Tuesday May 17 2022 04:35 pm

Reuters

Turkish house sales rose 38.8% in April on the year to 133,058 houses, data from the Turkish Statistical Institute (TÜİK) showed on May 17, with more than double the houses sold to Russians compared to a month ago as they sought a financial haven.

Sales to foreigners rose 58.1%, the institute said. Russian citizens 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 mortgaged sales rose 82.9% from a year earlier to 32,030, accounting for 24.1% of the total sales in the period.