Rent, property prices skyrocket in Antalya amid Ukraine war
Rent and property prices in the Turkish province of Antalya have skyrocketed since the Russia-Ukraine war began as Russians and Ukrainians fleeing their countries prefer moving to the famous resort city.
Interior Minister Süleyman Soylu recently said that nearly 58,000 Ukrainians have arrived in Turkey after the war broke out, while it has been estimated that some 20,000 Russians have also come to the country amid the conflict.
Lying on the Mediterranean coast, Antalya has been very popular among Russian and Ukrainian holidaymakers even before the war, attracting millions of visitors from the two countries every year. The city is also home to a sizeable Russian and Ukrainian population. Some 29,000 Russians and around 9,000 Ukrainians reside in the city.
Real estate agents in Antalya said that rent and home prices have almost tripled in the city after the war due to strong demand from Russians and Ukrainians.
They also said that monthly rents in certain neighborhoods leaped 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 flat increased from 1.5 million liras to between 3.5 million and 4 million liras.
However, one real estate agent noted that Russians and Ukrainians mostly prefer to rent the houses instead of buying them since they hope to return to their countries in a year.
Locals chose to rent out their properties to Russians and Ukrainians because they pay a year’s rent in advance, they said.
Now all Russians and Ukrainians are wealthy enough to afford those prices, said Serkan Şahin, a realtor. He recalled a case in which 300 Ukrainian holidaymakers were stranded in Antalya after the war broke out.
“They were cash-strapped, and eight people wanted to jointly rent a one-bedroom apartment. Obviously, it was impossible,” Şahin said.