Turkish house sales increased 38.8 percent year on year in April to 133,058 units, according to statistics from the Turkish Statistical Institute released on Tuesday, with more than double the number of units sold to Russians compared to a month ago as they sought a financial sanctuary.
According to the institute, sales to foreigners increased by 58.1 percent. Russian citizens topped the list in April, with 1,152 houses, up from 547 in March. Iranians and Iraqis followed them.
Many property companies report that wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial sanctuary in the aftermath of Moscow’s invasion of Ukraine and Western sanctions.
The report also revealed that April mortgage sales increased 82.9 percent year on year to 32,030, accounting for 24.1 percent of total sales in the quarter.