Rents and real estate prices soar in Antalya amid war in Ukraine

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ANTALYA

Rents and property prices in the Turkish province of Antalya have soared since the start of the Russian-Ukrainian war, with Russians and Ukrainians fleeing their country preferring to settle in the famous seaside resort.

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Interior Minister Süleyman Soylu recently said that nearly 58,000 Ukrainians arrived in Turkey after the outbreak of the war, while it was estimated that around 20,000 Russians also came to the country in the middle of the conflict.

Located on the Mediterranean coast, Antalya was already very popular among Russian and Ukrainian holidaymakers before the war, attracting millions of visitors from both countries each year. The city is also home to a large Russian and Ukrainian population. Some 29,000 Russians and about 9,000 Ukrainians reside in the city.

Real estate agents in Antalya said rent and house prices almost tripled in the city after the war due to high demand from Russians and Ukrainians.

They also said that monthly rents in some neighborhoods have gone from 3,000 Turkish liras ($200) and 3,500 liras to somewhere between 7,000 and 8,000 liras, noting that the price of a 90 square meter apartment is increased from 1.5 million lire to between 3.5 million and 4 million lire.

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However, a realtor noted that Russians and Ukrainians generally prefer to rent the houses instead of buying them as they hope to return to their countries in a year.

Residents chose to rent their properties to Russians and Ukrainians because they pay a year’s rent up front, they said.

Now all Russians and Ukrainians are rich enough to afford these prices, said Serkan Şahin, a real estate agent. He recalled a case in which 300 Ukrainian vacationers were stranded in Antalya after the outbreak of war.

“They were strapped for money and eight people wanted to rent a one-bedroom apartment together. Obviously, that was impossible,” Şahin said.

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