Foreign interest in the real estate market in Turkey is setting a record
2023-12-19
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The real estate market in Turkey is experiencing increasing demand and significant growth in sales. These days, important statistics show the success of Turkish plans to attract foreign investment to the real estate market in Turkey.
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How Did Real Estate Market in Turkey Benefits the Foreigners?
The promising start of the first quarter of 2019 marks a golden year in the sale of real estate to foreigners in Turkey. Where the real estate sector witnessed a high demand by foreigners to buy property in Turkey, especially in February and March of this year.
Where the first three months of this year saw the sale of 9,000 and 618 properties sold to foreigners in Turkey. Thus, the first quarter of this year achieved the best sales compared to previous years.
Real estate analysts considered this figure a historical figure. In the first three months of last year, this figure was only 5,298, meaning that sales this year increased by 81.5%.
In March only, sales increased 71.3% over the previous year, where the number of properties sold rose from 1,827 in March last year to 3,199 properties in March this year, the highest figure for the same period in previous years.
According to statistical data, the city of Istanbul has maintained its position as the most preferred city in Turkey for foreigners to buy a property. The number of properties sold to foreigners increased from 556 properties in March last year to 1,520 properties in March of this year, an increase of 173.4%.
The city of Antalya ranked second in the sale of real estate to foreigners. The number of properties sold to foreigners was 626 properties, followed by Ankara with 173 properties sold, then Bursa with 121, followed by Yalova with 110 properties, and Sakarya with 104 properties.
As for the data for the first quarter of 2019, the city of Istanbul also ranked first with 4 thousand and 321 properties, followed by Antalya with 1899 properties, Ankara with 561 properties.
Bursa with 490 properties, Yalova with 410 properties, Sakarya with 319 properties, Mersin with 210 properties, Samsun with 196 properties, Trabzon with 155 properties and Izmir With 134 properties.
Iraqis Investors Dominate the Real Estate Market in Turkey
It was striking in recent statistical data that the citizens of Iraq maintained their position at the forefront of the foreign nationalities who have invested real estate in Turkey. In March last year, Iraqis purchased 348 properties, while their real estate purchases for March this year were 548.
Then Iranians came in second place after the Iraqis with 334 properties sold, then the Saudis with 189 properties, the Russians with 156 properties, and the Afghans with 150 properties.
As for sales for the first quarter of this year, the purchases of Iraqis from the Turkish real estate market amounted to 1781 properties, Iranians 946 properties, Russians 587 properties, Afghans 507 properties, and Saudis 440 properties.
Significant Trends of Foreigners Real Estate Sales in Turkey
With the increasing demand from foreign nationals for real estate investment in Turkey, the Turkish government has considered this growing interest as one of their priorities.
"The rapid increase in real estate sales month after month,", promises to reach a record year in Turkey this year in the real estate field unparalleled in previous years," said Melih Tauchuoglu President of the Association of Anatolian Contractors (AYİDER).
"Turkey is the best choice for citizens of foreign countries interested in real estate investment, in terms of real estate prices in it, and in terms of Turkey's natural, aesthetic and historical features." I think our sales will be at least 50 thousand property in this year," he added.
The increasing desire for foreigners to own a property in Turkey is actually related to the successful Turkish policies of attracting foreign investment and the many advantages available when buying a property in Turkey, as well as amendments to the Turkish Citizenship Act, which has been an additional incentive for many foreign investors to buy a property in Turkey.
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