Rent prices falling in Antalya as Russians leave the city

ANTALYA

Rent and home prices in the province of Antalya on the Mediterranean coast, have been declining as many Russians, which constitute the largest group of foreigners living in the city, are relocating to Serbia and Dubai.

Rents and home prices skyrocketed in the city after thousands of Russians and Ukrainians arrived in Antalya after the war broke out between the two countries.

The number of foreign nationals living in the city increased from 94,000 in 2020 to nearly 137,000 in 2021 and reached some 173,000 in 2022. The influx of Russians and Ukrainians had consequences for the local real estate markets. Home prices increased sharply. Many landlords preferred to lease out their homes to Russian and Ukrainian tenants at higher prices.

But the tide is turning now. Russians are leaving the city due to a combination of several factors. Authorities banned foreign nationals from residing in 10 neighborhoods in Antalya, while residency permits of foreigners living in other quarters of the city were not extended.

In the face of those developments Russians have started to leave the city, relocating to other countries.

Russians are also moving to Serbia, Croatia, Thailand, Bali, and the Maldives, said Viktor Bikkennes, who owns the International Edutant Russian School in Antalya, adding that most of them went to Dubai.

“Home and rent prices are falling as Russians leave. There are fewer home sales [to Russians] now. That’s what real estate agents told me. Home prices in Antalya start from $1 million.”

Antalya has become more expensive than Europe and Dubai, said Zehra Arslan, a realtor specializing in property sales to foreigners.

Since Russians have started to move to other countries, home prices have fallen as much as 50 percent in the city, she said, noting that rent prices have also declined between 15 to 25 percent.

The outflux of Russians is also impacting many businesses, including restaurants and cafes, according to Arslan.

The Tsinedova family is one of those Russians who have moved to Dubai.

They arrived in Antalya in November 2022. However, the family of four decided to relocate to Dubai after their residence permit was not extended.

“We used to pay a monthly rent of $1,500. We are now paying the same rent for a more luxurious apartment in Dubai,” Elena Tsidenova said.

Home sales to foreigners, mostly to Russians, declined from around 22,000 units in 2022 to some 13,000 last year, according to the official data. 

Russians bought 10,600 homes in Türkiye in 2023, less than nearly 22,000 residential properties they purchased a year before.