Holiday homes fuel russian investment in turkish property

Holiday homes are fuelling Russian investment in Turkish property, according to a report from Tranio.ru.

Knight Frank's figures reveal that Turkey has the 4th fastest growing property market in the world after Estonia with prices rising 13.8 per cent between 2013 and 2014. Foreign investment has helped drive up prices, particularly in Istanbul, which continues to attract interest from the Middle East and Europe.

The biggest draw for Russian investors in Turkey, though, is not monetary return on investment or rental yields. The most popular reasons for buying are climate, attractive prices and, surprisingly, obtaining residence permits, according to Tranio's research.

Adil Yaman, Director of Universal21 comments: "It is understandable given Russia's harsh winter climate that most Russian investors who buy property in Turkey are looking for a holiday retreat."