Record expectations for the sale of Turkish real estate to foreigners by the end of 2021

The sale of Turkish real estate to foreigners has recorded unprecedented numbers during the first seven months of the current year 2021, and expectations are that it will rise to record levels by the end of the year

Record expectations for the sale of Turkish real estate to foreigners by the end of 2021
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2021-08-25 Last update 2021-09-21

Record expectations for the sale of Turkish real estate to foreigners by the end of 2021

The beginning of foreign demand for Turkish real estate was the announcement of the Reciprocity Law, which allowed foreigners the right to own real estate in Turkey, which was approved in the middle of 2012, and this interest began to increase with the facilities and incentives provided by the Turkish government to real estate investors to invest in real estate Turkey, which was Among the most prominent: the approval of granting Turkish citizenship in return for real estate investment, in early 2017.

The law on granting citizenship in return for owning property was amended in September 2018, when the value of the property granting its owner Turkish citizenship was reduced to 250 thousand dollars, and this amendment constituted the most important point in the history of foreign demand for real estate in Turkey, where property sales to foreigners began It achieved one record after another in the years since its release, the latest of which was the record numbers of foreign sales during the first seven months of 2021.

From 2012 to the end of the seventh month of 2021, residential apartment sales to foreigners were reported to have been: 242,334 apartments.

Record sales in the first seven months of 2021

The sales of apartments to foreigners during the first seven months of this year achieved the highest number of sales for the first seven months in the history of real estate sales to foreigners. In the sales of the first seven months: 46.93% compared to sales in the same period last year.

Istanbul keeps the forefront of Turkey's real estate sales to foreigners

In the details of the aforementioned figures, the state of Istanbul ranked first among the Turkish states that sold apartments to foreigners during the first seven months of this year, with sales: 12,059 apartments during the mentioned period, followed by Antalya in second place with sales: 4,921 Apartment. The Turkish capital, Ankara, ranked third, with 1,588 apartments sold.

Real estate ownership in Turkey

The figures for sales of apartments to foreigners in the Turkish states during the first seven months of 2021 AD were as follows:

Province
Foreign Sales July 2020
Foreign sales July 2021
 
Foreign sales The first seven months of 2020
 
Foreign sales The first seven months of 2021
Istanbul
1046 apartments
1951 apartments
7948 apartments
12059 apartments
 
Antalya
615 apartments
931 apartments
3323 apartments
4921 apartments
Ankara
230 apartments
312 apartments
1194 apartments
1588 apartments
Mersin
101 apartments
217 apartments
480 apartments
1168 apartments
Bursa
75 apartments
158 apartments
524 apartments
683 apartments
Sakarya
51 apartments
128 apartments
333 apartments
519 apartments
Yalova
88 apartments
122 apartments
520 apartments
706 apartments
Samsun
68 apartments
105 apartments
393 apartments
441 apartments
Kocaeli
28 apartments
102 apartments
158 apartments
349 apartments
Trabzon
30 apartments
88 apartments
181 apartments
334 apartments
Other provinces
409 apartments
381 apartments
1949 apartments
2215 apartments
Total
2741 apartments
4495 apartments
17003 apartments
24983 apartments

Iraqis buy the most apartments among foreigners

In the classification of foreign nationalities according to their purchases of Turkish apartments during the first seven months of this year, the Iraqis ranked first among the most foreign nationalities buying apartments during the mentioned period, with the purchase of 3,731 apartments, followed by the Iranians in the second place with the purchase of 3,689 apartments, and the Russians came in third place with the purchase of 2,124 apartments during the mentioned period.

مجمع أتاكوي بالإنجليزي مجمع أتاكوي بالإنجليزي

The numbers of foreign sales during the first seven months according to the 20 foreign nationalities who bought the most were as follows:

Number
Foreign nationality
Residential apartments sales
July 2020
Residential apartments sales
July 2021
Apartment sales for the first seven months of 2020
Apartment sales for the first seven months of 2021
1
Iraqis
388 apartments
712 apartments
2747 apartments
3731 apartments
2
Iranians
540 apartments
619 apartments
3168 apartments
3689 apartments
3
Russians
154 apartments
365 apartments
1081 apartments
2124 apartments
4
Afghan
149 apartments
229 apartments
955 apartments
1506 apartments
5
Germans
143 apartments
198 apartments
552 apartments
924 apartments
6
Kuwaitis
36 apartments
189 apartments
333 apartments
609 apartments
7
Kazakhs
64 apartments
166 apartments
360 apartments
953 apartments
8
Americans
31 apartments
153 apartments
188 apartments
698 apartments
9
Azerbaijanis
115 apartments
127 apartments
546 apartments
720 apartments
10
Ukrainians
93 apartments
106 apartments
366 apartments
591 apartments
11
Yemenis
70 apartments
103 apartments
544 apartments
700 apartments
12
Jordanians
63 apartments
102 apartments
493 apartments
538 apartments
13
Swedes
34 apartments
99 apartments
195 apartments
393 apartments
14
Egyptians
40 apartments
97 apartments
337 apartments
561 apartments
15
Philistines
60 apartments
81 apartments
439 apartments
615 apartments
16
Lebanese
55 apartments
74 apartments
276 apartments
446 apartments
17
Qataris
18 apartments
65 apartments
159 apartments
246 apartments
18
Pakistanis
17 apartments
65 apartments
191 apartments
499 apartments
19
British
69 apartments
63 apartments
339 apartments
433 apartments
20
Algerians
18 apartments
55 apartments
195 apartments
259 apartments

Expectations to reach the threshold of 50,000 apartments sold to foreigners by the end of 2021

Commenting on the foreign sales figures, Mr. Omar Faruk Akbal, head of the Association of Real Estate Promotion Abroad, said: "The real estate sector in Turkey has succeeded in surpassing all its competitors by overcoming the Coronavirus crisis last year, and this year it returned to achieving records again."

In another aspect of his statement, Akbal said: "We achieved the highest sales record in 2019 with 45,483 apartments sold, and this year we will set a new record of 50,000 apartments."

الجنسية التركية انجليزي الجنسية التركية انجليزي

Why are foreigners attracted to Turkey real estate?

On a related level, Akbal spoke about the factors that attract foreign investors to Turkey, saying: “Granting Turkey citizenship in exchange for real estate investment, in addition to its civilizational and cultural heritage, its solid infrastructure, its geographical and climatic diversity, and its fulfillment of many hopes and expectations of investors, makes it one of the most important centers of attraction for foreign investors.

He added: “Each category of investors has special reasons that attract them to Turkey. Citizens of Asian countries are attracted to it by the common culture, the Chinese, for example, feel more freedom to travel and trade around the world, and the Iranians are attracted to it because it is more stable. Turkey has his own reasons for attracting him to it.”

Turkish citizenship

 

Edited by Imtilak Real Estate©

Reference: Emlak Kulesi & TÜİK

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