Real Estate Russian buyers help Turkish house sales double in May By Reuters June 15, 2022 Creative Commons Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow's invasion of Ukraine and Western sanctions Turkish home sales surged 107.5 percent in May over last year to 122,768 houses, data from the Turkish Statistical Institute showed on Wednesday, with Russians topping foreign buyers for a second consecutive month. Sales to foreigners jumped 235.7 percent year-on-year to 5,962 units, the institute said. Russian citizens topped the list again in May with 1,275 houses, from 1,152 in April. They were followed by Iranians and Iraqis. A scheme that gives Turkish citizenships to foreigners who buy homes has made Turkish real estate more attractive in recent years. A law raising the scheme’s minimum purchase value to $400,000 from $250,000 went into effect this week. Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow’s invasion of Ukraine and Western sanctions, many property companies say. The data also showed May mortgaged sales rose 177.8 percent from a year earlier to 29,335, accounting for 23.9 percent of the total sales in the period.
