Turkey Property Now Third Most Popular With Russian Buyers
Turkey is now the second most popular choice among Russian buyers according to a survey conducted at a major Moscow property show.
Leading Russian overseas property magazine International Residence conducted the survey of 499 Russian buyers at the Moscow International Investment Show in March. They found that Turkey was the third most popular country among Russians looking at overseas property, beaten by Bulgaria in first and Spain in second.
Other findings of the survey were that 49% planned to buy in the next 12 months, 66% were looking for apartments, and 53% were buying for lifestyle reasons compared to 12% looking to make an investment. The survey also found that 40% of buyers were looking to spend between 100,000 Euros and 250,000 Euros, a higher percentage than has been seen at previous shows.
Bulgaria and Spain's popularity with Russian buyers comes as no shock. From the first reports of Russian buyers becoming an increasing force in the overseas property arena, Bulgaria has always been listed as one of their favourites, and Spain as another. Turkey however is a newcomer to the favourites list of Russian buyers.
The reason for Turkey popularity comes down to a very powerful package: A strong and stable economy with a strong and stable banking system combining to present an environment of high liquidity and low interest rates, not to mention the booming tourism industry as more and more people fall for Turkey's sun, sea, sand and friendly people year on year. This package is making the country attractive to holiday home buyers, holiday home (fly to let) investors, and even residential (buy to let) investors. There are also reports of private buyers investing in student accommodation in Istanbul.
Meanwhile Russia is one of the world's hottest emerging markets. It is estimated that the Russian market is now worth $12 billion per year to the global overseas property industry. It is a fair assumption that Turkey's increasing popularity with Russian buyers is in no small part responsible for the huge increase in sales to foreigners in Turkey last year.