In 2009, Russians bought over 1.4 billion dollars worth of real estate in TurkeyPosted by: marium, January 31st, 2010
Despite the global economic crisis, in 2009 Russians went against the tide by investing in droves for property overseas. It is estimated that a total of $11.3 billions worth was invested in purchases of homes overseas. Turkey was the 3rd most popular investment hotspot with a 12% share (worth $1.3 billion) with Bulgaria taking first place, followed by Spain. The average price invested by Russians in a property in Turkey was 108,000 Euros.
According to DOKI Real Estate Agencies Research, Russian citizens in 2009 purchased real estate abroad worth a total of $ 11.3 billion. Bulgaria’s was the most preferred hotspot with a 21% share of investment in property according to the report.
According to the agency DOKI, the average price of a real estate transaction in Bulgaria was €42,000, while in Spain this was on average €178,00 with Turkey showing an average transaction value of €108,000.
Share of property transactions by Russian Citizens in overseas property
1 – Bulgaria 21%
2 – Spain 17%
3 – Turkey 12%
4 – U.S. 10%
5 – Israel 9%
6 – Italy 5.8%
7 – CZECH REP. 4.8%
8 – Germany 4.6%
9 – Croatia 3.6%
10 – France 3.1%
Total value of sales in real estate overseas was $ 15 billion.
According to the Tourism Research Association (TURAD), since the laws regulating property sales to foreigners in Turkey coming into force in 2003, approximately 15 billion dollars of sales have taken place. $ 1 billion sales in 2003, 1.3 billion dollars in 2004, 2005 reached $ 1.8 billion. Annual sales in the period of 2006-2008 was $ 3 billion. In 2009 this figure reached 1.5 billion dollars.
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