Russians and Ukrainians have been doubling down on their spending on properties in Turkey’s Antalya, Duvar English reported on Sunday, citing a report in the Turkish publication Oksijen.
Antalya, a popular vacation spot for visitors from Russia as well as Ukraine, has seen a spike in interest from arrivals from both countries in the wake of President Vladimir Putin’s decision to wage war on Ukraine. According to Oksijen, the real estate platform Emlakjet recorded a 51 percent increase in searches for houses for sale from Russia. From Ukrainians, the amount has been higher with a 63 percent increase in searches.
Ömer Faruk Akbal, Chairman of the Board of Directors of the Real Estate Overseas Promotion Association (GİGDER), told Oksijen that buyers from both Russia and Ukraine are looking for homes in Turkey now as a direct result of the war.
“Due to the conflict environment, they do not act only for vacation. Safety comes to the fore. In addition, the sanctions against Russia were also effective in this choice,” said Akbal.
Russians have traditionally expressed some of the highest interest in Turkish properties among foreign buyers. Akbal, citing official Turkish government data, Russians make up the third largest group of foreign buyers while Ukrainians fall further down the list at eighth place.
In February and March, purchases of real estate in Antalya has risen sharply ales in Antalya increased by 96 percent in sales to buyers from Russia and 85 percent among those from Ukraine compared to the same times last year, said Antalya Chamber of Commerce and Industry President Davut Çetin.
But the downside to this spike in interest, prices in some districts of Antalya have gone up. In some parts of the city, prices have gone up by as much as 100 percent.
Turkey has become a haven for many Russians looking to leave Russia after Western financial sanctions were implemented and as Putin’s government began to crackdown on opponents of the war. According to Turkey’s Interior Ministry, up to 20,000 Ukrainian refugees have arrived since the war began.
