Türkiye’s Mediterranean gem, visited by more than 10 million tourists a year, has become a hub for foreigners seeking business opportunities and a hot spot for real estate purchases. This trend gained unprecedented momentum after Russia’s invasion of Ukraine.
Antalya is at a level where it trails just behind the metropolis of Istanbul as the second most favored destination for business investments, boasting a total of 6,108 foreign-owned companies.
In real estate, it stands at the forefront, having seen more than 10,370 properties sold to foreign buyers this year alone.
Russian citizens lead the way among nations, reflecting their trend of seeking a financial haven after Russia’s invasion of Ukraine in early 2022 triggered waves of Western sanctions.
More than 1,220 firms are founded by Russians, constituting 20% of all foreign-owned companies in Antalya. Germany, Iran, Azerbaijan and Ukraine follow suit, with 751, 676, 302 and 270 companies, respectively.
The majority, namely 495 companies, operate in the wholesale and retail food marketing sector. Real estate follows with 478 firms, construction with 451 companies, travel agencies, tour operators, and other booking services with 410 companies, and trade of agricultural products with 355 companies.
The trend shows no signs of slowing down.
Some 666 new companies have been founded from January through October this year, out of which Russians accounted for 238. In contrast, they had set up some 222 firms a year ago.
Germans follow with 59 companies, while Iranians, Ukrainians and Azerbaijanis set up 57, 44 and 36 firms, respectively, in the first nine months of this year.
Despite the fall in overhouse sales this year, Russian citizens still top the list among foreign buyers, who bought some 10,372 properties in Antalya from January through September, compared to 14,656 units a year ago.
