While western countries impose sanctions on Russia, wealthy Russians have now discovered Turkey as a safe haven for their money. They are increasingly buying Turkish real estate, an investment attractive due to the weakening national currency, the lira.
Sales of houses and apartments in Turkey shot up in April. Compared to the same month last year, 38.8 percent more units were sold. According to the statistical office, the majority (58.1 percent) were foreign customers. Russians lead in April with 1,152 properties, followed by people from Iran and Iraq.
“No Oligarchs”
“These are rich Russians, but not oligarchs,” said Gul Gul, co-founder of Istanbul-based real estate company Golden Sign. Some people from Russia would even buy three to five apartments. One reason investing in Turkish real estate is attractive is the weakening national currency, the lira.
In addition to the real estate sector, Russians are also boosting the Turkish tourism industry. Last year, 4.7 million people traveled to Turkey from Russia, which is almost every fifth foreign guest. However, in the first weeks after the start of the war, bookings from Russian holidaymakers declined. The same goes for guests from Ukraine.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
