When you roam around Turkey, you’ll find many rental houses or villas that Russian citizens own. And the number is just growing year by year.
The number of properties bought by foreign buyers saw a good spike last year. A whopping 14.7% increase in the housing units sold in 2019 indicates the increasing demand for Turkish property.
Surprisingly, a significant portion of these properties was bought by foreign buyers. Among them, Russia comes at the top, followed by Iraq and Iran.
In this guide, we’ll have a closer look at the real reason why Russians are being more interested in buying Turkish properties. And what are the benefits and advantages they get?
So without further adieu, let’s jump into the real thing.
The Reason Why Russians Love to Invest in Turkish Properties
Earlier, Russians were investing heavily in Spanish real estate. However, in recent years the number of property purchases has seen a significant decline from Russian buyers.
More and more buyers are moving out from investing in Spain or other European countries and becoming more interested in investing in Turkey.
Here are the real reasons:
Turkish real estates were always low in cost compared to Russian city apartments. An average Russian jobholder might not afford to buy an apartment in Russian cities, for example, Moscow.
For $1000 per square meter, they can easily find housing with a gym, swimming pool, excellent ocean view and playground for children, which is unimaginable in Russian cities.
On the other hand, they can buy an apartment or even a house at a lower cost than buying a smaller apartment in big cities in Russia. Which makes Turkey a compelling investment option among the average buyers as well.
2. Attracting Weather & Culture
The warm climate and exciting culture, especially food, attract many foreigners to invest in Turkey every year. And Russians are not an exception.
Russians love this country’s weather and culture, which is why millions of visitors from Russia visit Turkey every year and spend a long 3-4 month vacation with their family and relatives.
This also plays a vital part in deciding to invest there because their vacation entices them to decide to invest or even move here with their family permanently.
3. Low Living Cost
Other than the affordable price in properties, there are tons of financial benefits as well. The taxes, cost of different transactions and most importantly, living cost is significantly lower in Turkey than in Russia.
Which allows many middle-class Russians to migrate to Turkey for a better and more comfortable lifestyle.
4. Excellent Placement
Russians mostly prefer houses near beaches or that have ocean views. And you’ll find a lot of houses with ocean or mountain views that also make the property more attractive among buyers.
In addition to that, you’ll get a sweet deal on the seaside villages like Belek or Bogazkent.
Close to the beach, the houses have beautiful gardens. The areas are also less crowded and are on-demand now, especially in the pandemic.
If you’re looking for a quiet place to spend your summer or leave peacefully. These areas can be an excellent fit for you.
5. Turkish Citizenship
In September 2018, the Turkish Government made it easy for foreign investors to obtain their citizenship. Previously it was required to invest at least $250,000. Now it has been reduced to $1 million.
Now you might be asking why Russians would be interested in Turkish citizenship?
Well, there are many reasons. Of course, it may vary from person to person. However, there are some common perks.
Russian business people get interested in this because of the visa-free entry in Japan and Singapore. On top of that, it’s easier to obtain an E-2 visa in the US with Turkish citizenship, which is a major perk.
6. Attracting Summer Residence
Russians who don’t want to move here permanently are also interested in buying properties or houses here to use it as a summer residence.
They love the swimming seasons here and enjoy a quality summer time with their families and when the summer ends, they can rent it out to generate extra income.
The rent allows them to bear the expenses of maintenance comfortably throughout the year.
And don’t forget the beautiful beaches you get to see evereday!
7. Additional Income Source
A lot of the foreigners invest here for one good reason. And that is to make an additional income source which is secure and safe and generates a good sum of money every year.
Foreigners can enjoy the vacation of their will and when they are not here, they can rent it out for the whole year.
The best part is you don’t have to do anything, hire any reliable and expert property management agent like TAM, and they will do the rest for you.
Although most foreign buyers prefer buying properties in larger cities like Istanbul or Bursa, Russians are different. They are more willing to have a house in Antalya rather than in big cities.
The reason is straightforward; they prefer better views than big-city crowds. And I don’t blame them. If you ever get the chance to visit Antalya, you’ll fall in love with the city and its beaches.
People love this city’s calm and warm environment, not to mention the beautiful beaches and ocean it has to offer.
What’s in the Future?
The demand for Turkish properties is increasing more and more among Russian investors. However, as a first-time buyer, one can think about how they can shape in the future or a viable investment?
As the political tension arises from time to time between these two countries, it’s fair for you to rethink your investment.
Moscow and Ankara have had some differences on the matter of Syria in the past. However, both these countries know how to look after their interest in the first place.
For example, last January, when Erdogan paid a visit to Moscow, they declared 2019 as a tourism year to promote tourism and exchange culture and business between both countries. So, if you’re concerned about the political effect on the investment between two countries, be assured that your investment will be safe and beneficial for you even more in the future.
How Can TAM Help You?
As the leading property management agency in Istanbul and Antalya, TAM helps many Russian investors and citizens every month with getting their desired property, managing their property or getting Turkish citizenship.
If you’re planning on having a property here in Turkey, you’re in the right place. I will explain briefly how we can make it easy for you to buy and manage the property.
TAM is an all in one solution that will help you find the best real estate according to your budget and interest. And then we’ll help you with the paperwork, process, taxes, negotiations and even moving to your new house.
In short, from making your dream into a reality, TAM will help and guide you in every step of the journey. Although, our services don’t end here.
After you have your property in your name, we will help you manage the property super effectively while you’re away. We’ll handle the rents and take care of the maintenance on your behalf.
The only thing you need to do is to rely on our expert service and communicate well. And that’s it!
Now that you know why people from your country are becoming more interested in investing in turkey, now is your time to take action.
Let us know your requirements and we will help you find the best property at the best rate and remove your headache of managing the property throughout the year.