Russian Demand for Turkish Real Estate Edges Higher After Election Results
Following Turkey’s presidential election outcomes, demand from Russian buyers for property in Turkey rose by a notable margin—roughly 20 to 50 percent over the prior week, according to market observers cited by Kommersant. The jump reflects a shift in sentiment after a decisive electoral result and signals renewed interest from Russian investors in Turkish real estate markets.
Turkish authorities reported that in April Russians purchased 817 homes in Turkey, a level that shows a 30 percent decrease from March and a 29 percent drop compared with April the previous year. Yet, after Erdogan secured victory in the presidential race, purchase activity began to rebound, including among existing clients of local real estate agencies who had previously paused or reconsidered their plans. This rebound aligns with a broader pattern of renewed buyer confidence in the wake of election clarity, as noted by industry observers. [Kommersant]
Industry experts interviewed for the report indicate that prior to the election results, Russian buyers experienced a degree of uncertainty, with some candidate proposals creating hesitancy. For instance, proposals from Kemal Kılıçdaroğlu regarding potential limits on issuing Turkish passports to foreign investors and calls to support sanctions against Russia were cited as factors that could influence investment calculations. The analysts suggest that these statements contributed to a wait-and-see approach among potential buyers until the political landscape appeared more stable.
According to the specialists, high-budget buyers have shown a particularly strong interest. The average weekly spending on each property rose by about 48 percent, reaching roughly €145,000 per unit. Additionally, demand from buyers targeting Istanbul properties in the €390,000 to €465,000 range has climbed, signaling a willingness to explore premium segments within the market. Analysts anticipate that Russian appetite for Turkish real estate will maintain its momentum through the summer, supported by a perceived return of political and economic stability in the near term. [Kommersant]
Election results in late May cemented Recep Tayyip Erdogan’s position, with around 52 percent of the vote, a development that many market participants view as a stabilizing force for investment activity in Turkey. The continued interest from Russian buyers during this period is interpreted as evidence of a broader confidence in Turkey’s property market trajectory, enhanced by ongoing tourism trends, favorable financing conditions, and a diversified real estate offering that appeals to international investors seeking long-term returns.