Recent data indicate a substantial rise in Russian business activity in Turkey, with a notable expansion in the number of Russian-registered companies. The Turkish Economic Policy Research Foundation reported a dramatic year‑over‑year increase, highlighting that 1,363 Russian firms were registered in Turkey in the most recent year. This figure represents a dramatic leap from the prior year and underscores a broader trend of foreign capital inflows into the Turkish market.
Specifically, the foundation noted that only 177 Russian companies operated in Turkey in 2021. The jump to 1,363 entities in the following year translates to an approximate 670 percent increase, signaling a rapid diversification of investments from Russia into Turkish sectors, including manufacturing, services, and real estate.
Beyond the count of companies, the foundation also reported that overall foreign-capital ventures in Turkey grew by nearly half in 2022, rising by about 49.8 percent. Within this mix, Iran emerged as the second-largest source of registered foreigners, illustrating Turkey’s appeal as a regional hub for multinational operations and cross-border trade.
The report highlights a parallel trend in the country’s real estate market: foreign buyers have been increasingly active, with a noticeable share of purchases attributed to Russian buyers. Data suggest that, by year’s end, foreign‑buyer real estate transactions showed a firm uptick, with house sales to non‑Turkish residents climbing by roughly 15 percent. Among the total of about 68,000 properties sold to foreign buyers, Russians accounted for a sizable portion, totaling around 16,300 properties. This pattern reflects Russia’s interest in Turkey’s property sector and its potential for asset diversification amid broader sanctions and currency pressures.
Industry observers have noted fluctuations in real estate activity among Russian buyers. For instance, a study reported by media sources in early 2023 indicated a decline in Russian-led real estate transactions when comparing January 2023 to December 2022. Such movements are often influenced by shifts in mortgage financing, consumer confidence, and evolving regulatory frameworks affecting cross-border purchases.
Meanwhile, authorities in Turkey have remained vigilant about the broader geopolitical environment. Officials have periodically warned of the possible implications of sanctions on Turkey’s economy due to its ongoing trade relationships and strategic partnerships with Russia. The conversations underscore the delicate balance Ankara seeks to maintain between attracting foreign investment and adhering to evolving international sanctions regimes.