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Real estate management in the Russian-Ukrainian conflict – the effects of the crisis on the Turkish economy

Posted by Officer Officer on March 29, 2022
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There is no doubt that any global event greatly affects countries in general, let alone if this event is the most frequently discussed event at this time, and this event is the Russian-Ukrainian conflict that has occupied public opinion, and there is no doubt that this conflict will affect the neighbors of these two countries. …but its impact on Turkey is very noticeable on many points; This is what we will discuss in this article.

 

The Russian-Ukrainian conflict - the effects of the crisis on the Turkish economy, the Russian-Ukrainian war, the Russia-Ukraine war, Turkey, the Russian-Ukrainian conflict

Turkey is known as the favorite destination for many tourists from all over the world, and Russian and Ukrainian nationalities are among the most preferred nationalities for tourism in Turkey, and there is no need to introduce the beauty of Turkish nature that fascinates tourists, so given the proximity of Russia and Ukraine to Turkey geographically, it is the preferred destination for both nationalities.

And the Ukrainian consul in Turkey in Antalya has previously stated that the number of Ukrainian tourists has exceeded one and a half million tourists in Turkey!

Also, do not underestimate the Russian tourists, as they also consider Turkey their favorite destination for tourism; Official figures of the Association of Tour Operators of Russia have shown that Turkey is the preferred destination for Russian tourists in recent years.

Maya Lomidze, head of the Tour Organization of Russia, said that Turkey is the preferred destination for Russian tourists, and she said at a press conference that there are about 40 countries that Russians can visit and spend holidays in, but the demand for holidays in Turkey cannot be compared to these countries.

This shows us that Russian and Ukrainian tourists are large and reach into the millions, and in light of this Russian-Ukrainian conflict, they will not be free, either financially or morally, for tourism, travel and holidays, and certainly this will negatively affect tourism in Turkey and its revenues on the Turkish government.

  • Second: The real estate market in Turkey and its impact on the Russian-Ukrainian conflict

If we search for the real estate market in Turkey, we will find that it enjoys a high and important position in recent years, and day by day the demand in Turkey is increasing for the purchase of apartments, shops and land by foreign nationals.

Russian citizenship ranks high in owning real estate in Turkey, as Russians are among the most popular people to own real estate in Turkey. According to the Turkish Statistical Institute, more than three thousand housing units were sold to foreign buyers with Russian citizenship.

  • The reason why Russians buy real estate in Turkey is due to several points, the most important of which are:
  • Turkey has a temperate and warm climate that favors the Russians.
  • The Russians love the seas with warm waters such as the seas of Antalya and Mersin.
  • Fresh vegetables and fruits are available every day of the year in Turkey.
  • Relatively low cost of living and recreation compared to the cost of living and recreation in Russia.

 

  • Third: The direct economic effects of the Russian-Ukrainian conflict on Turkey:

The impact of the Russian-Ukrainian conflict on Turkey and its economy is very clear, especially with the start of the Russian attack on Ukraine

 The impact of the Russian-Ukrainian conflict on Turkey is represented by several points, including:

  • The Turkish currency depreciated against the dollar and gold after the start of the Russian-Ukrainian conflict.
  • The Russian-Ukrainian conflict has raised many concerns over the natural gas sector in Turkey, as it is sourced from Russia.
  • After the Russian-Ukrainian dispute, Turkish Airlines shares fell 10 percent.
  • The Russian-Ukrainian conflict has also led to a rise in oil and gas prices, and this may lead to an increase in Turkey’s import bill.
  • Reducing tourism revenues, especially since, as we mentioned earlier in this article, the Russians and Ukrainians are their preferred tourism destination, Turkey.

Finally… Turkey is facing an upcoming economic crisis according to the opinion of economic experts, and many experts have warned that Turkey should take into account that this Russian-Ukrainian conflict has a significant impact on the Turkish economy, so it must guard against the deterioration of the Turkish currency.

 

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