Iraqi demand for real estate in Turkey falls as Russians dominate market, expert explains

Shafaq News/ Iraqi demand for real estate in Turkey has decreased in the first two months of this year compared to the same period in 2022, data by the Turkish Statistical Institute showed.

The agency reported that the proportion of Iraqi homebuyers in Turkey had fallen to 65%, with 402 homes purchased in January and February 2023, compared to 1146 homes during the same period last year.

Meanwhile, Russian citizens have become the top buyers of homes in Turkey, purchasing 2740 homes during the first two months of 2023, up from 988 during the same period last year.

Iran came in second, buying 971 homes during the two-month period, compared to 1472 homes during the same period last year. Ukraine followed in third place with 299 homes, Kazakhstan fourth with 288 homes, and Germany fifth with 250 homes.

Mohamed al-Husseini, an economic expert, attributed the decline in Iraqi homebuyers to Turkey's decision to raise the minimum value of properties that must be purchased to obtain Turkish citizenship from $250,000 to $400,000. He noted that Iraqi purchases of Turkish homes had fallen by about 100 homes per month since the decision went into effect in April 2022, with only 173 homes purchased in February 2023.

Turkey has been a top destination for Iraqi homebuyers since 2015, but their ranking fell to second place after Iran in 2021, and then to third place after Russian domination of the Turkish real estate market. Al-Husseini added that "the decline in Iraqi homebuyers in Turkey is a natural outcome of the new regulations," and that it is likely to continue.