Russians and Iranians were the leading foreign nationals buying residential property in Turkey in February, according to the Turkish Statistical Institute (TÜİK).
IranIntl.com reported that Russians accounted for 395 of all Turkish home sales last month, with Iranians accounting for 200 units. Iranians were the leading foreign buyers in Turkey’s housing market prior to Russian invasion of Ukraine in 2022, which resulted in many Russians leaving the country.
Nonetheless, the foreign presence in this market is limited. TÜİK determined that foreign nationals purchased 2% of all homes sold in Turkey in February, or 1, 846 units, down 44.9% from one year earlier. Turkey’s economic problems, including high inflation and a weak currency, has discouraged wider interest from overseas buyers. For Iranians, however, Turkey remains an attractive destination – many of its nationals hope to use their Turkish residences to gain Turkish citizenship to circumvent U.S. sanctions against their country.
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