In January, Russian buyers again led Turkey’s foreign real estate market, purchasing 555 properties and maintaining the top spot for the second consecutive year, according to the National Institute of Statistics reported by TASS. This trend shows a steady presence of Russia in Turkish property markets for nearly twenty-four months straight, reflecting sustained demand from Russian nationals.
Beyond Russians, interest remained strong from other groups. Iranians accounted for 208 transactions, while Ukrainians completed 127 property purchases. The month’s total for foreign buyers reached 2,061 homes across the republic, a fall of about one and a half times compared with January 2022, indicating a cooling in comparatives while still signaling robust foreign interest in the Turkish real estate sector.
Location data highlights Antalya and Istanbul as the most active provinces. In January, 747 homes were sold in Antalya and 710 in Istanbul, underscoring these cities as focal points for both investment and residence among buyers from abroad and within Turkey alike.
Meanwhile, pricing dynamics in Russia showed a notable shift. A broad decline in apartment prices was observed, with around 56 percent of properties on the market seeing price reductions in January, signaling a shift in market momentum for Turkish sellers and a recalibration of buyer expectations in the region.
Another trend was the reduction in the share of younger buyers participating in the Russian real estate market, a movement that could reflect broader demographic influences, shifting investment priorities, and evolving financing conditions within the country.
In related regional behavior, there have been previous discussions about how Russian household spending on housing abroad has evolved, including comparisons with the United Arab Emirates market in 2023, illustrating broader patterns in international real estate activity among Russian buyers.