Real Estate Sales: Progress in the Sale of Apartments

Property sales in Turkey in general and the residential investment sector in particular, have witnessed a qualitative leap in recent years

1,858
2019-11-29 Last update 2020-05-22

Real Estate Sales: Progress in the Sale of Apartments

Property sales in Turkey in general and the residential investment sector in particular, have witnessed a qualitative leap in recent years. It began with a package of amendments related to real estate sales to foreigners in Turkey in 2012, and this leap was reflected in the interest of many foreigners to buy property in Turkey.

This turnout reached a peak in which it achieved unprecedented figures, following the issuance of decisions granting the property owner the right to reside in Turkey. It also gives the real estate investor, who owns a property of $ 250,000, the right to obtain Turkish citizenship.

Real estate sales

Real estate sales have increased significantly in Turkey

Between 2011 and 2018, Turkey's real estate sector generated almost $ 29 billion in revenue. The number of investors who owned real estate in Turkey reached 22,830 foreign investors in 2015.

The number of foreign investors who invested in Turkish real estate reached 18,189 in 2016.

The number of foreign investors reached 22,234 in 2017. This is considered a return to the activity of the real estate investment sector, after a recession in this sector in conjunction with the political situation Turkey witnessed during the coup attempt.

After this return, the real estate sector witnessed a steady increase, especially in foreign ownership of properties in Turkey. The number of foreign investors in the real estate sector reached 39,663 in 2018.



Property sales in Turkey

Progress in real estate sales to foreigners in Turkey

The real estate investment sector continued its progress as the number of apartments sold to foreign investors reached 31925 apartments in the first 9 months of this year 2019.

As for the third quarter of 2019, the real estate indices report that real estate sales to foreigners in Turkey reached 31,925 apartments in the third quarter of 2019, an increase of 32.2% over the same period last year.

The nationalities of foreign citizens varied, and the top 10 countries whose citizens purchased apartments in Turkey in the third quarter are as follows:

Country

Number of citizens who bought apartments

The total area of purchases in square meters

Iraq

4818

330733

Iran

2634

136495

Saudi Arabia

1480

397471

Kuwait

1406

191067

Germany

1149

284054

England

912

195132

Jordan

900

486560

Azerbaijan

790

1.263.274

Yemen

490

243105

Palestine

407

278861

Together, the GCC countries accounted for 43% of the total number of citizens who purchased apartments from Turkey. The area of apartments they bought was 32% of the total area of apartments sold to foreigners in the third quarter of 2019.

Edited by: Imtilak Real Estate ©

Source: Real Estate Indicators Report

Did you like our topic? You can share it with your friends now!

More from Imtilak
Demand for Villas and Independent Houses in Turkey Rises

In the last period, the demand has increased for villas and independent houses in Turkey, in response to the conditions...

2020-04-08
1,911
30,000 Apartments have been sold through the electronic title deed system

Turkey is taking important measures to ensure the continued movement of real estate, what are these steps and how do we...

2020-04-06
1,586
Privacy Policy

We use cookies to offer you the best possible user experience, learn more about how to use them