Russians becoming Dominant Force in Turkish Property Sales
13 August 2011
According to a report in Turkish news website the National Turk, British property owners on the Aegean coast are selling up en masse because of the looming European financial crisis. The report said that Russians are stepping up as buyers for the properties.
According to the reports Russians are now dominating foreign purchases in Marmaris, a market previously dominated by Brits.
This report cannot be understated. According to data from the Turkish General Directorate of Land Registry Brits are the dominant foreign owners in Turkey, owning 6 million square meters of a total 65 million square meters owned by foreigners, which is almost twice as much as Germans who are the second biggest foreign owners with 3.5 million square meters.
According to a recent report by Russian overseas property magazine International Residence, who surveyed 499 Russian buyers at the Moscow International Investment Show in March, Turkey was the third most popular country with Russian buyers. Russian buyers are a huge and growing market, so it is logical that this popularity would lead to them becoming a growing force in the market, but this is perhaps quicker than one would have expected.