More than 6 million square meters of real estate have been sold to foreigners in Turkey

Turkish real estate appraisal companies have stated that more than 6 million square meters of real estate space in Turkey were sold to foreigners during the first nine months of this year. Follow the details of this news via Imtilak Real Estate.

Millions of square meters sold to foreigners during the first nine months

The real estate sector in Turkey is considered one of the most important economic sectors that has achieved great success in attracting foreign investments, and it has clearly emerged in recent years as one of the most competitive sectors globally.

Official and other reports have recorded a significant influx of foreign investors into real estate in Turkey, as reflected in the record numbers achieved by property sales to foreigners over the past years.

More than six million square meters sold to foreigners during the first nine months

According to statistical data issued by Eva Real Estate Appraisal Company in Turkey, the area of real estate sold to foreigners during the first nine months of this year reached 6,335,192 square meters, marking a 4% increase in real estate sales to foreigners in Turkey compared to the area of foreign purchases during the first nine months of last year.

Property sales to foreigners in Istanbul increased by 189%

Regarding the distribution of foreign sales across Turkish provinces, the mentioned report stated that Istanbul ranked first among Turkish provinces, achieving the highest sales to foreigners during the first nine months of this year. The area of real estate purchased by foreigners in Istanbul province reached 685,645 square meters, marking a remarkable increase of 189% compared to the area of foreign sales in Istanbul during the first nine months of last year.

As for the ranking of foreign nationalities based on their real estate purchases in Istanbul, Iranians ranked first among the most purchasing nationalities, followed by Russians, then Iraqis, then Afghans, then Chinese, then Yemenis, then Palestinians, then Pakistanis, then Egyptians.

Regarding the distribution of property sales to foreigners across Istanbul districts, as stated by Ms. Cansel Turgut Yazici, General Manager of Eva Real Estate Appraisal Company, Esenyurt ranked first among the districts of Istanbul in terms of property sales to foreign nationals, followed by the districts in the following order:

• Beylikduzu district in second place.
• Basaksehir district in third place.
• Avcilar district in fourth place.
• Kagithane district in fifth place.
• Bagcilar district in sixth place.
• Kucukcekmece district in seventh place.
• Buyukcekmece district in eighth place.
• Sisli district in ninth place.
• Fatih district in tenth place.

Istanbul was followed by Antalya in second place, Sakarya in third, Kocaeli in fourth, Bursa in fifth, Yalova in sixth, Mugla in seventh, Ankara in eighth, and Izmir in ninth.

Gulf investors achieve remarkable progress in their real estate investments

The same report discussed the development of investments by Gulf nationals in Turkish real estate, considering them one of the prominent groups investing in the real estate market in Turkey.

In this context, the figures in the report show that the area of real estate purchased by Gulf nationals during the first nine months of this year reached 1,518,541 square meters, achieving a 40% increase compared to the area of Gulf-owned properties during the same period last year.

Thus, Gulf investors raised their share among foreign real estate investments in Turkey from 18% during the first nine months of last year to 24% during the first nine months of this year.

Edited by: Imtilak Real Estate©

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