According to the news of Dailiy Sabah, 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.
It remains at the forefront of real estate, seeing more than 10,370 properties sold to foreign buyers this year alone. Russian citizens lead among countries, reflecting their tendency to seek a financial haven after Russia's invasion of Ukraine in early 2022 triggered waves of Western sanctions. More than 1,220 companies were founded by Russians, accounting for 20% of all foreign capital companies in Antalya. Germany, Iran, Azerbaijan and Ukraine follow with 751, 676, 302 and 270 companies, respectively. The majority, 495 companies, operate in the wholesale and retail food marketing sector. This is followed by real estate with 478 companies, construction with 451 companies, travel agencies, tour operators and other reservation services with 410 companies, and agricultural products trade with 355 companies. The trend shows no signs of slowing down. Between January and October this year, 666 new companies were established, 238 of which were Russians. In comparison, a year ago they had founded approximately 222 companies. While Germans follow with 59 companies, Iranians, Ukrainians and Azerbaijanis established 57, 44 and 36 companies, respectively, in the first nine months of this year. Despite the decline in housing sales this year, Russian citizens still top the list among foreign buyers, purchasing approximately 10,372 properties in Antalya from January to September, compared to 14,656 units a year ago.
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