Why do foreign nationalities buy houses in Turkey?

2023-05-04

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Why do foreign nationalities buy houses in Turkey?
 

Follow with us the details of the report containing information on investment in Turkey, which presented some data on the objectives of real estate investors, of various foreign nationalities, from buying a property in Turkey.

What about the future of foreign real estate investments in Turkey?

In cooperation with the Foreign Real Estate Promotion Association and AGS Global, which specializes in real estate marketing studies, a report entitled "Competition and inspiration: Review the Promotion of the Future of Foreign Real Estate Investments in Turkey".

This report examined the behavior of foreign real estate investors in investing in Turkish properties and provided information on the objectives of real estate investors of different foreign nationalities to purchase property in Turkey.

According to Mr. Faruk Akbal, President of the Association for Offshore Real Estate Promotion, this study was prepared with a view to mapping out the future of foreign real estate investments in Turkey's real estate market for the next 10 years by focusing on the following points:

  • Study of factors affecting foreign demand.
  • Identifying strengths and weaknesses points in the real estate market.
  • Analysis of competing markets and their strengths.
  • Promoting positive competition and studying all social, political and legal influences affecting foreign real estate investment in Turkey.
  • These markets identify the target to be addressed, to promote Turkish real estate, and define the promotion strategy.

According to Mr. Akbal, Turkey is leading the real estate market around the world, with foreign investment on the Turkish market in 2019 accounting for $6.8 billion, while foreign real estate investment worldwide was approximately $330-380 billion.

Foreign real estate investment in Turkey had seen significant positive developments since 2015 and sales figures had increased steadily in recent years.

Investment in Turkey real estate

Jordanians buy real estate to invest in Turkey and Russians for vacation

Commenting on the report, Mr. Akbal mentioned some percentages, relating to the purchase of the real estate by foreigners in Turkey:

  • The proportion of people who buy property from the investment term accounts for 45% of foreigners.
  • The proportion of buying property for a short holiday is 30.5%.
  • The percentage of property buyers for stability is 28%.
  • 28% of people buy property for Turkish citizenship.
  • 40% of people buy the property after retirement
  • The proportion of buying the property for a residence permit is 14%.
  • Some buy property for housing, to pursue matters of their own in Turkey, such as employment, education, and commerce.

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الجنسية التركية انجليزي الجنسية التركية انجليزي

We make outstanding offers for apartment seekers for sale in Turkey among the best-known apartment blocks.

Mr. Akbal added: "89.5% of Jordanians, for example, buy the property in order to invest in Turkey, and 84.2% buy the property in order to acquire Turkish citizenship."

He continued: "76.5% of Russians buy property for a short holiday, 35.3% buy property for retirement”.

He went on: "64% of Germans buy property in Turkey in order to spend a special time on holiday, and 50% of English buy property to settle in Turkey.

Speaking of Iranians, he said: "Iranians buy 46.2% of them with a view to obtaining residence in Turkey, and 23.1% buy the property for work and trade”.

Turkish citizenship

The incentive effect of granting Turkish citizenship during investment in Turkey

On another side of his talk, Akbal said: "The granting of Turkish citizenship in exchange for the purchase of the property was one of the most important reasons for the increased foreign demand for the purchase of property in Turkey, where there are approximately one-quarter of foreign investments, made with a view to acquiring Turkish citizenship and enjoying its benefits."

On the classification of real estate purchases according to real estate types, Akbal said:

  • 90% of the foreigners surveyed chose condominiums in buildings and complexes.
  • 57% of those bought new prefabricated apartments.
  • 3% of them purchased apartments on projects under construction.
  • 11% bought used apartments
  • 5% of foreign investors chose independent homes and villas.
  • The proportion of those who chose commercial real estate was 2.9%.

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At the end of the article, Akbal mentioned some of the data that was found in this study:

"From the study, we found that 92% of foreigners keep the properties they bought, 7.3% resell them, foreign investors who own the property spend almost 3 months of the year in Turkey, and a large proportion of those who bought a property in Turkey is considering buying another property”.

Real estate investment in Turkey

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Other important information and topics:

  1. Apartment prices in Turkey in Iraqi, Algerian, Kuwaiti and Qatari dinars.
  2. Profitable real estate ideas and successful investment opportunities
  3. What are Turkey's best cities in all areas?

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Edited by Imtilak Real Estate

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Source: Zingat

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