Russian Investors Flock to Trabzon Real Estate Market
This year, there is a serious increase in the number of buying properties in Trabzon from Russia. The data from the Turkish Statistical Institute indicates that property sales to Russian citizens grew by 96%. In more detail, Russians bought 9.311 houses in Turkey in 2022, increasing by almost 2% compared to the previous year, and it is known by experts that most of these sales are concentrated in Trabzon.
Due to the latest political developments, permanent settlement is preferred by Russians, leading to an upward momentum not only in house sales in Trabzon, Turkey but also in commercial property investments. According to data for the past spring alone, Russians opened almost 200 companies in Turkey.
Why is Real Estate Demand by Russians High in Trabzon?
There has been a long-standing demand for the Turkish real estate sector by the Russians. Most of the sales were holiday houses bought for tourism purposes, mostly on the Mediterranean and Aegean coasts. This delayed high demand in Trabzon is actually due to a misunderstanding that the Russians could not buy property in Trabzon. But this information is false. Russians can buy property in Trabzon.
Accurate information spread with our customers, and thus demand increased. So what are the motivations behind this demand?
Firstly, it is clear that Russians are investing to increase their capital and profits because Trabzon real estate offers good rental yields and capital appreciation. In parallel, they mostly grab excellent bargains, thanks to the lucrative exchange rate. Some of them prefer Trabzon for immigration and stability because of the latest political developments in Russia.
The reason for all times is, of course, the warm climate and high living standards. Living comfortably in both summer and winter is very attractive for many. They can spend time outside all year round as they wish, without being stuck in their homes. Moreover, winter can be very pricey due to heating costs, but you can reduce them in Turkey's climate.
Ease and Effectiveness of the Investment Process Attract Russian Investors
Above all, the Turkish Citizenship Investment Program has attracted all foreigners, particularly Russians, due to its legal incentives and ease of the process. For example, dual citizenship is possible in Turkey. If you comply with all the conditions and submit the required documents, you can get your Turkish passport in 3 or 4 months. To add, you can get citizenship in Trabzon with this program with many investment forms, rather than just one way. You can choose whichever is profitable for you.
In terms of investing in commercial properties in Trabzon, the process of starting a company takes just 5 days and costs about 3,400 $. Compared to the trade sanctions imposed by European countries and the USA, Turkey offers very easy routes.