Russians buying more property in Turkey casts doubt on Ankara’s loyalty

The volume of Russians buying property in Turkey has almost tripled year on year. 

Data from the Turkish Statistical Institute shows Russian purchases of Turkish properties reached the highest mark ever in April 2022, at 1,152 sales, compared to last April’s 402, Newsweek reported. 

Ordinarily, buyers from Iran are the highest, followed by Iraq. However, for the first time since 2015, the Russians are in the lead, and Iran is in second place with 905 purchases.

Also Read | How G7 leaders are dealing with Russia’s ‘wheat war’

Russian buyers of Turkish properties also saw a leap as the percentage among all buyers went from 9.7 to 17.7 this March, after Russian President Vladimir Putin sent his troops into Ukraine on February 24. 

One of the attractions of buying property in Turkey is that one gets citizenship along with it. Seeing the demand, the Turkish government has upped the threshold price foreigners have to pay for properties to $400,000, and they have to be maintained for three years to receive a Turkish passport. Earlier the amount was $250,000. 

Also Read | 82 days under artillery fire: Ukraine surrenders to Russia in Mariupol

The spike in Russian buyers also comes amid Turkey’s inflation rates nearly hitting 70%. The Turkish lira has also lost half its value last year, and current rates place over 15 lire to a dollar. 

With more Russian buyers, along with oligarchs parking their yachts along the southern coast of the nation, as well as Ankara’s strong opposition to Finland and Sweden joining NATO, questions are being asked of Turkey’s loyalties. 

Turkey’s relations with Russia and Ukraine

Turkey has shared diplomatic relations with both Russia and Ukraine, and as such, has taken a balanced approach during the war. While the nation condemned Russian attacks in Ukraine, Anakara didn’t jump to impose sanctions on Moscow. 

Also Read | UN warns of ‘catastrophic’ malnutrition in children due to Ukraine war

It has also tried to encourage diplomatic talks, with several meetings taking place on Turkish soil. Even when Russia blamed Turkey for Ukraine using Turkish-made drones, Anakara stood its ground and defended the relationship it has with Kyiv. 

Turkey’s stance on Finland and Sweden’s NATO bids

However, the recent tough talk against Sweden and Finland has left NATO wondering if Turkey is a weak link. Turkish President Recep Tayyip Erdoğan has explained that the stance against the new NATO joiners is because of Kurdish militants in the Nordic countries. In a press conference, he said “Neither of these countries have a clear, open attitude towards terrorist organizations. How can we trust them?” 

Also Read | Are Russian commanders killing their own wounded? Captured soldiers claim

All NATO members have to agree for the two countries to join. While Putin hasn’t opposed Sweden and Finland’s bids to join the military bloc, he’s warned against NATO’s further expansion in Europe.