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Turkey gets even more popular with Russian investors as value of the ruble drops

Posted on Mar 11 2014 by spotblue

Turkey is the most searched for overseas property destination in Russia, according to a leading overseas property portal in the country, which says that the falling value of the Russian ruble is encouraging Russians to invest abroad.

Russia’s national currency has fallen by about 10 per cent since the start of the year, reaching a five-year low against the US dollar and the Euro at the beginning of March, according to the Central Bank of Russia (CBR). With policymakers and most analysts agreeing this trend will continue into 2014, not only the stock markets but also potential international property buyers are set to be affected.

Historically Russian international property buyers have sought to purchase second homes in popular western locations such as prime central London, New York, Paris and Southern Spain but now, due to the weakness of the ruble, buyers are looking elsewhere to emerging markets where their money will go further.

It’s little surprise then that Turkey, one of the most popular tourism destinations attracting 2.8 million Russians in the first three quarters of 2013 alone, remains the most searched for emerging market on one of Russia’s fastest growing property websites. Search volumes for Turkey were higher than all other emerging markets combined with the most sought after destinations being Alanya, Antalya, Kemer, Bodrum and Istanbul.

The website said in March that the dream of owning a second home abroad is becoming a reality for an increasing number of Russians, thanks to average wealth rising in the country. It added that while budgets for traditional destinations often stretch into the tens of millions, more modest pockets can still secure property in emerging destinations.

To browse properties for sale throughout Turkey, visit www.spotblue.com

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