Stories from real estate agents in Marmaris told of a British exodus as British property owners sold up en masseAccording to the agents some Brits were selling because of financial fears in the continued stress over the European crisis and continued sluggish growth in the UK, with some even slashing prices for a quick sale. Others were trying to get a good price so they could buy a home back in the UK where prices had fallen drastically. All reports had one thing in common, that Russian nationals were becoming dominant on the buying side.
Marmaris is one of the most expensive places to buy in Turkey, and has long been a popular choice for wealthier Russian buyers. However, we are seeing Russian buyers boosting sales of property in many other locations across Turkey.
Property in Alanya, Antalya and Fethiye are proving particularly popular with Russian buyers, with the latter being especially popular because of the Russians love of Olu Deniz. Of course, Istanbul is currently one of the top places in the world for property investment, and Russian buyers are joining investors from all around the world in investing in the cities opportunities.
Turkish property has risen to become the third most popular choice with Russian overseas property buyers according to leading Russian property magazine International Residence, who surveyed 499 investors at the Moscow International Investment Show. Only Spain and Bulgaria were more popular.
We have also learned in the past week that Turkish property prices are continuing to rise at a steady pace this year. The Turkish association of real estate investment companies GYODER in partnership with REIDIN has revealed a 5.38% year on year growth for July. Looking at past releases of the index we can see that this is approximately the year-on-year rate of growth recorded in every month this year.
Istanbul saw by far the biggest increases in July, with prices up 2.45% on the European side and 3.25% on the Asian side. There have been reports of Russian buyers favouring the Asian side of Istanbul, which could partially explain the greater growth rate.