Kazakhstan’s citizens show big appetite for real estate in Turkey

They are ranked fourth in terms of the most active foreign buyers of real estate in this country

In 2022, Kazakhstan’s citizens were more active than citizens of Germany and Afghanistan and bought 1,099 property units in Turkey, according to Turkish property registers.

Since January 2022, Kazakhstani citizens have shown a constantly growing interest in Turkish real estate. Thus, they bought 132 real estate units in January, 197 in February, 241 in March, and 311 in April. The data for May is slightly different: Kazakhstanis bought only 218 property units this month.

The trend is more impressive if we look at the yearly statistics. Over the period from January to May 2022, Kazakhstan’s citizens bought 76% more property than over the same period in 2021 (622 property units). Last year people from Kazakhstan purchased 2090 properties in total.

In May, Turkish authorities reported a 235.7% growth in real estate sales for foreigners (5,962 property units).

Russians took first place among foreigners interested in Turkish real estate. Over the first five months this year, they bought 3,962 property units. Iran is ranked the second (3,897), Iraq is the third (3,218), Kazakhstan is the fourth (1 099) and Germany is ranked fifth (1,085).

This year, citizens of Afghanistan and Ukraine bought 943 and 885 real estate objects respectively. The top ten countries most interested in Turkish real estate are closed by Yemen (680 property units, 8th position), Palestine (625, 9th) and Kuwait (616, 10th).

As the RBK Ukraine reported, one square meter of real estate in Antalya costs $680, in Mugla $1,200, in Aydin  $740, in Ankara $740, and Izmir $632.

According to Turkish construction companies, high demand from Russians and Ukrainians has fueled the recent spike of interest in real estate in the province of Antalya.

The high interest in Turkish real estate from foreigners has even driven Turkey to increase the threshold for citizenship. Now, a foreigner has to buy at least $400,000 worth of property to get citizenship, although the previous requirement was $250,000.

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