Turkey intends to ban Russians from making the most expensive purchases to buy real estate, especially in popular resorts. At least, according to Turkish media reports, this issue was put on the agenda after the introduction of a similar ban in Canada on the sale of housing to foreigners. There, it was justified by the fact that foreigners excessively raised prices. “A similar practice should be introduced in Turkey as well,” local economic experts assure.
Consumer associations and some representatives of the housing sector support them, saying that the ban on the sale of housing to foreigners will reduce house prices and rent to affordable levels. On the other hand, some representatives of the sector, who may benefit from inflated demand from Russians, i.e. “relocators”, oppose this, assuring that in this way, Turkey will lose an inflow of 10-15 billion dollars into the economy.
According to 2022 data, the share of home sales to foreigners in Turkey in the total home sales volume is about 5%, but this “average number” is unevenly distributed. In Antalya and some areas of Istanbul, such as Kadıkıy, Beşiktaş, and Esenyurt, sales to foreigners account for 10-15% of total house sales. Not surprisingly, the construction industry is in favor of bans. The general manager of Mars Investment, engaged in luxury real estate, Hakan Bujak said the following: “If the Canadian model is implemented in our country, there may be a decrease in sales of branded housing projects. This means the cessation of the annual inflow of foreign currency in the amount of 10-15 billion dollars.”
His opponent was the general manager of Eva Real Estate, Jansel Turgut Yaziji, who said that Turkey needed measures to ban sales to foreigners for a certain period – Canada introduced this ban for two years, and this, in his opinion, was an “exemplary move.” “We need to take a break, and the closure of megacities and border areas such as Antalya and Istanbul is important. Because foreigners, mostly Russians, are beginning to dominate, which disrupts the city’s demographic structure.”