Turkey continues to enjoy a predominantly positive perception among Ukrainians: in August 2026, a total of 52.3% of respondents expressed a positive attitude toward the country, while about 7.5% expressed a negative one. At the same time, compared to the previous survey in March, the share of positive assessments has decreased slightly. This is evidenced by the results of the third wave of the Active Group and Experts Club survey, according to the Experts Club Information and Analytical Center.
According to the results of the August survey, 11.2% of Ukrainians have a completely positive attitude toward Turkey, and 41.1% have a mostly positive attitude. A neutral stance is held by 37.6% of respondents. 6.7% view the country mostly negatively, 0.8% view it entirely negatively, and another 2.7% were undecided.
The balance between positive and negative attitudes stands at approximately plus 44.9 percentage points and is the highest among the Middle Eastern countries included in the study. Thus, despite a slight decline in the indicator, Turkey remains a country where positive assessments clearly outweigh negative ones.
Compared to March 2026, positive attitudes have weakened moderately. At that time, 14.5% of respondents viewed Turkey entirely positively, and 40.6% viewed it mostly positively—meaning the combined positive rating stood at 55%. Negative responses accounted for 5.6%, and neutral responses for 36.4%.
Thus, over the course of five months, the total share of positive assessments decreased by 2.7 percentage points—from 55% to 52.3%. Negative attitudes, on the other hand, increased by approximately 1.9 percentage points, while the share of neutral responses rose by 1.2 percentage points. The balance between positive and negative responses fell from 49.4 percentage points in March to about 44.9 percentage points in August. This indicates a moderate cooling of assessments rather than a fundamental shift in attitude.
Turkey remains one of Ukraine’s largest trading partners. In the first half of 2026, bilateral trade volume approached $4.9 billion: Ukrainian exports totaled about $1.78 billion, while imports amounted to $3.12 billion. Turkey was the second-largest single market for Ukrainian goods after Poland, and Ukraine’s bilateral trade deficit stood at about $1.34 billion.
Maksym Urakin, Ph.D. in Economics and founder of the Experts Club information and analytical center, commenting on the relationship between the economy and public perception of trading partners, noted:
“If society sees a massive flow of imports coming into the country but does not see a corresponding flow of investment, technology, or localized production, a sense of imbalance arises. And this directly affects the emotional perception of the partner. That is precisely why countries with a large trade surplus with Ukraine should pay particular attention to the reputational aspect of their presence in the Ukrainian market,” Urakin noted.
In the case of Turkey, the survey results show that a significant trade imbalance is currently combined with a predominantly positive public perception. At the same time, trends between March and August indicate a gradual decline in the predominance of positive assessments.
The survey, conducted in August 2026, used self-administered online questionnaires from the SunFlowerSociology panel among 800 Ukrainian citizens aged 18 and older. The sample is representative by age, gender, and region; the maximum theoretical margin of error is ±3.5 percentage points.
ACTIVE GROUP, EXPERTS CLUB, FOREIGN TRADE, international relations, PUBLIC OPINION, SOCIOLOGY, TURKEY, UKRAINE, URAKIN
According to Experts Club, Turkey has the highest net positive sentiment among Ukrainians among the Middle Eastern countries included in the study—44.9 percentage points. More than half of those surveyed—52.3%—view the country positively. At the same time, neutral attitudes prevail toward Saudi Arabia and Jordan, while Lebanon is the only country in this group with a negative balance. This is evidenced by the results of the third wave of the study “Ukrainians’ Attitudes Toward Countries Around the World,” conducted by Active Group in collaboration with Experts Club, according to the Experts Club Information and Analytical Center.
52.3% of respondents view Turkey positively, 37.6% neutrally, 7.4% negatively, and another 2.7% were undecided. The balance of positive and negative assessments stands at 44.9 percentage points, compared to 49.4 percentage points in March 2026 and 44.3 percentage points in August 2025. Thus, following a spring increase, the indicator has returned to roughly last year’s level.
Israel ranks second among the countries shown on the slide in terms of the share of positive assessments—35.6%. 39.7% of respondents view it neutrally, 21.9% negatively, and another 2.7% were undecided. The balance stands at 13.7 percentage points and continues to decline: in August 2025, it was 31 percentage points, and in March 2026, it was 18.9 percentage points.
Saudi Arabia is viewed positively by 29% of Ukrainians, while the majority—57.5%—hold a neutral stance. The share of negative assessments is 9%, and the balance is +20 percentage points, compared to 19.8 percentage points in March. Compared to August 2025, when it stood at 25.6 percentage points, the figure remains lower.
Regarding Jordan, 65% of respondents hold a neutral stance—the highest figure in this regional group. 20.5% of those surveyed view the country positively, 7.2% negatively, and another 7.2% are undecided. The balance of positive and negative assessments stands at 13.3 percentage points.
Lebanon has the lowest score. 12.9% of Ukrainians view the country positively, 22.1% negatively, and 57.3% neutrally. The balance stands at minus 9.2 percentage points and is gradually deteriorating: from minus 6.6 percentage points in August 2025 to minus 7.7 percentage points in March and minus 9.2 percentage points in August 2026.
Maksym Urakin, founder of the Experts Club information and analytical center, emphasized the importance of foreign governments maintaining constant communication with the Ukrainian public.
“The first recommendation is to regularly showcase specific achievements and concrete actions. Second, be open to questions and inquiries from the media and the public,” Urakin noted. He also recommended that diplomatic missions systematically inform Ukrainians about the concrete results of cooperation.
Oleksandr Pozniy, director of the research company Active Group, drew attention to the need to combine an information presence with the practical development of bilateral relations.
“We should focus not only on raising general awareness. First and foremost, business associations, the Ministry of Economy, and the Ministry of Foreign Affairs need to take action,” Pozniy noted.
In his view, economic and diplomatic institutions should more actively tap into the potential of markets where Ukraine can expand its cooperation.
Overall, the study shows that Ukrainians’ perceptions of Middle Eastern countries vary significantly. Turkey has a distinctly positive image, while neutrality dominates perceptions of Saudi Arabia and Jordan; assessments of Israel are more polarized, and negative assessments of Lebanon outweigh positive ones.
The survey was conducted in August 2026 using self-administered online questionnaires in the SunFlowerSociology panel among 800 Ukrainian citizens aged 18 and older. According to the organizers, the sample is representative by age, gender, and region, and the maximum theoretical statistical margin of error is 3.5%. This is the third wave of the study, following surveys conducted in August 2025 and March 2026.
ACTIVE GROUP, EXPERTS CLUB, ISRAEL, JORDAN, LEBANON, MIDDLE EAST, SAUDI ARABIA, SOCIOLOGY, TURKEY, UKRAINE
The Central Bank of Russia became the largest gold seller among the world’s central banks in August 2026, reducing its official gold reserves by approximately 6.2 tonnes, according to an Experts Club analysis based on data from the World Gold Council (WGC).
Among the notable gold sellers in August, the WGC highlights:
Russia – about 6.2 tonnes
Jordan – about 3.1 tonnes
Russia continued reducing its gold reserves after selling approximately 6 tonnes in July. In total, in January-August 2026, Russia’s official gold reserves decreased by approximately 56 tonnes.
Following the August sale, the amount of gold in Russia’s reserves stood at about 2,271 tonnes.
Jordan sold about 3.1 tonnes of gold in August. However, unlike Russia, the country remains a net buyer after the first eight months of the year: since the beginning of 2026, its gold reserves have increased by approximately 2 tonnes to 75 tonnes. Gold accounts for about 37% of Jordan’s international reserves.
At the same time, Turkey remains the largest gold seller for January-August, despite switching to purchases in August.
According to the WGC, Turkey has reduced its gold reserves by approximately 82 tonnes since the beginning of the year. The bulk of the sales occurred in the first quarter of 2026. In August, the trend changed, with the Turkish central bank purchasing about 2.9 tonnes of gold.
Russia ranks second among the largest sellers since the beginning of the year, with about 56 tonnes.
Thus, August showed a significant predominance of buyers over sellers: the world’s central banks collectively purchased 39 tonnes of gold on a net basis, compared with 23 tonnes in July.
The World Gold Council notes that the data cover officially reported changes in the reserves of central banks and other official institutions and may differ from the broader estimate of global central bank demand, which takes into account unreported purchases.
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Turkey has identified another 1,070 people who, according to the investigation, obtained Turkish citizenship through fake real estate transactions. This marks the second major wave of investigations into schemes involving the granting of citizenship through residential property investments.
Turkish Justice Minister Akın Gürlek announced the new operation on September 21. The investigation is being conducted by the Istanbul Chief Prosecutor’s Office in collaboration with police units responsible for combating illegal migration.
Investigators examined real estate transactions conducted through the companies Gül İnşaat, Beyaz İnşaat, and LİV İnşaat. The audit covered sales to 734 foreign nationals, with 274 transactions deemed fictitious or suspicious. The total value of the transactions exceeded 3.5 billion Turkish lira, or approximately $72 million.
According to the Turkish Ministry of the Interior, among the 1,070 people who obtained citizenship under these agreements, 263 were direct investors, while another 807 were their family members. Of these, 1,015 received citizenship at the same time as the initial decision, and another 55 children received it later. In addition, 11 individuals were identified whose citizenship application processes were still ongoing.
As part of the operation, judicial measures were applied to 2,011 real estate properties, one hotel, 86 vehicles, two yachts, and 42 bank accounts. State administrators were appointed to 30 companies. Legal proceedings have been initiated against 88 suspects, and dozens of people have been detained.
This is already the second wave of the investigation. The first major operation took place on August 4, 2026. At that time, the investigation established that another 687 people had obtained Turkish citizenship through artificially inflated appraisal reports and fictitious real estate sales. The prosecutor’s office has initiated proceedings to revoke their citizenship. In that case, authorities estimated the amount of investments that did not actually reach Turkey at approximately 2.5 billion lira.
Thus, the two most recent investigations in Istanbul alone involve at least 1,757 cases of citizenship acquisition linked to suspicious real estate transactions, when combining the 687 individuals from the first wave and the 1,070 from the second. However, these two figures pertain to specific criminal investigations and do not cover all reviews of investment-based citizenship in the country.
At the same time, the Turkish Ministry of the Interior has, for the first time, released broader statistics on the review of citizenship obtained through investment programs. According to the ministry, as of September 21, citizenship decisions had been revoked for 5,391 individuals, including investors and their family members. Additionally, citizenship was revoked after it had been granted for 743 individuals, specifically for reasons related to public order and national security. In total, this amounts to 6,134 individuals.
As of February 11, 2026, citizenship grants were separately revoked for 1,393 individuals associated with 458 investors whose documents certifying that their investments met the established requirements were annulled. Citizenship was also revoked from seven other individuals on grounds of national security and public order.
Turkish authorities have not published a breakdown of the 1,070 individuals implicated in the current investigation by their country of origin. No similar official breakdown was published regarding the 687 individuals identified in August either. Therefore, reports claiming a predominance of Russians, Iranians, citizens of Middle Eastern countries, or other nationalities in these specific cases are not currently supported by official documents.
The scheme being investigated by law enforcement agencies was based on fictitious or inflated real estate values and the simulation of required financial transactions. In some cases, real estate with a significantly lower actual value was valued much higher in the documents in order to formally meet the requirements of the citizenship-by-investment program.
Turkey allows foreign investors to apply for citizenship, specifically through the purchase of real estate valued at no less than $400,000. The property must meet established requirements, and the investment and flow of funds are subject to verification by government agencies.
Turkey intends to participate in the Caspian Sea–Black Sea–Europe energy corridor (Black Sea Energy) project, which is designed to ensure the supply of “green” electricity from the South Caucasus to the European Union market, said Turkish Minister of Energy and Natural Resources Alparslan Bayraktar.
According to him, the project involves connecting the power grids of Azerbaijan and Georgia, followed by the transmission of electricity via an undersea cable across the Black Sea to Romania and on to Hungary. At the invitation of the Azerbaijani side, Turkey expressed its intention to join the initiative and supported its implementation.
Ankara’s interest in the project is also confirmed by preliminary negotiations with Baku. On August 1, Azerbaijan’s Minister of Energy Parviz Shahbazov reported following a meeting with Bayraktar in Istanbul that the parties had discussed Turkey’s potential cooperation within the framework of the “Caspian–Black Sea–Europe” energy corridor and had also agreed to accelerate the implementation of other joint energy projects.
According to Bayraktar, cooperation between Turkey and Azerbaijan in the electricity sector is currently developing along three fronts.
The first involves integrating Nakhchivan’s power grid with Turkey’s and organizing electricity exchanges. In the future, this route could be connected to the main territory of Azerbaijan via the Zangezur Corridor.
The second direction is the “green” energy corridor connecting Azerbaijan, Georgia, Turkey, and Bulgaria. It is intended to facilitate the export of renewable electricity generated in Azerbaijan through Georgia and Turkey to Bulgaria and onward to EU markets. In August 2026, Baku and Ankara separately agreed to accelerate the implementation of this project.
The third initiative is Black Sea Energy itself. The main participants in the project remain Azerbaijan, Georgia, Romania, and Hungary. The four countries signed an agreement on strategic partnership in the development and transmission of “green” energy in Bucharest on December 17, 2022. The European Union supports the project, viewing it as a new supply route for renewable electricity from the South Caucasus to the EU.
In July 2026, the project moved to the next phase of implementation following the completion and approval of feasibility studies. The project operator, Green Energy Corridor Power Company, has begun developing the conceptual design, engineering solutions, and procurement strategy.
According to recent statements by the Azerbaijani side, the plan is to gradually export up to 3.9–4 GW of green electricity through the corridor, starting in 2032. The project has also been included in the TYNDP 2026 portfolio of the European Network of Transmission System Operators for Electricity (ENTSO-E).
A key infrastructure element will be a high-voltage subsea direct-current cable between Georgia and Romania. The preliminary construction cost is estimated at approximately 3.5 billion euros, with a construction period of three to four years. It was previously reported that up to 2.3 billion euros in European funding could be secured. However, in the latest Global Gateway documents, 2.3 billion euros is also cited as the indicative investment amount for the strategic Black Sea electricity interconnector, so the final financing structure for the project is still to be finalized.
The European Commission views Black Sea Energy as one of the tools for diversifying the EU’s energy supply and integrating renewable generation from the South Caucasus. The project is intended to connect the Caspian Sea region to the European power grid via Georgia and Romania, while also strengthening the energy resilience of the participating countries.
If Turkey joins, the project will take on additional significance, as Ankara will be able to participate in several parallel transmission routes for Azerbaijani “green” electricity to Europe—via the Black Sea and via the Turkey–Bulgaria overland corridor.
Prices for housing in Turkey in July 2026 rose by an average of 23.3% in local currency compared to last year; however, high inflation completely offset this increase: in real terms, real estate prices fell by 6.6%, according to the July market review by the platforms Emlakjet and Endeksa. The data was published on August 14.
The average price per square meter of housing nationwide reached 41,700 Turkish lira, or approximately $871, while the average price of a property sold was 5.21 million lira, which corresponds to approximately $109,000.
At the same time, July saw the first small positive sign in short-term trends: prices rose by 1.9% in nominal terms over the month and by approximately 0.5% when adjusted for inflation. However, one month is not yet enough to speak of a sustained recovery in the real value of Turkish housing.
Ankara’s Prices Are Rising Faster Than Istanbul’s and Antalya’s
Among the 30 provinces with the highest number of transactions, the most notable growth was recorded in Ordu—32.4% over the year. This is the only province among those analyzed where growth was positive even after adjusting for inflation—about 0.4%.
Ankara ranks second with a nominal increase of 28.7%, although in real terms, housing in the capital became approximately 2.5% cheaper. Next are Kocaeli—up 28.5%, Denizli—27.1%, and Elazığ—26.9%.
In Istanbul, a square meter of housing cost an average of 65,100 liras in July, and the average price of a property was about 7.16 million liras, or $149,500.
In Antalya, one of the main markets for foreign buyers, the average price per square meter reached 55,500 lira, and the average price per property was about 6.1 million lira, or $127,500. In Izmir, the average price was about 54,000 lira per square meter and 6.48 million lira per property.
Muğla remains Turkey’s most expensive province, home to resort centers such as Bodrum and Marmaris. Here, the average price per square meter reached 87,200 lira, and the average price per property was 11.34 million lira, or nearly $237,000. This is more than double the national average.
Housing sales have fallen sharply
The rise in prices is occurring against the backdrop of a significant decline in the number of transactions. According to the Turkish Statistical Institute (TÜİK), statistics on residential and commercial real estate sales for July were published on August 13, 2026. A total of 123,603 residential properties were sold nationwide during the month, which is approximately 17% less than a year earlier.
Istanbul remained the largest market with 22,600 transactions, followed by Ankara with 9,640, Izmir—6,550, and Antalya—6,300.
At the same time, the sales breakdown sends mixed signals. The number of mortgage transactions rose by 23.7%, while sales of new homes fell by 8.6% and those of existing homes dropped by as much as 20.8%. This may indicate a gradual return to the market of some buyers who are able to take advantage of bank financing.
Thus, the rise in the value of Turkish real estate in lira remains, to a large extent, a consequence of inflation. For investors, it is more important to pay attention not only to nominal growth of 20–30%, but also to real price trends, exchange rates, and rental yields. As of the end of July, the average property in Turkey is nominally significantly more expensive than a year ago; however, its real value continues to decline.
Open4Business recently conducted a separate analysis of the composition of foreign buyers of Turkish real estate. As of June 2026, Russian citizens ranked first with 381 purchases, while Ukrainians acquired 170 properties and tied for second place with Iranian citizens. In total, foreigners purchased 2,015 residential properties in June. From January through June, foreign demand totaled 9,083 properties, down 9.2% from the previous year.
Ukrainians remain one of the largest groups of homebuyers in Turkey, even over the long term. In 2025, Ukrainian citizens purchased 1,541 properties and ranked third among foreign buyers, trailing only Russians and Iranians. Thus, the decline in real prices for Turkish housing is of direct interest to Ukrainian private investors, who continue to maintain an active presence in this market.
