Turkish property sales to foreigners are continuing to soar with a massive increase of 92.1% year on year in February 2019 compared to February 2018, according to latest statistics. The most preferred location amongst buyers was Istanbul, and data revealed that people from Iraq purchased the most properties, totalling 628 sales in February alone.
The Turkish Property Market
Thanks to legal amendments and private sector campaigns making it easier than ever for foreigners to buy real estate in Turkey, the market has enjoyed its best ever February. TurkStat (Turkish Statistical Institute) announced property sales were up by a huge 92.1% in total with sales of 3,321 houses, continuing the year on year increase. Sales in the year before at this time totalled just 1,729.
The start of the year saw rapid sales to foreign buyers with January and February sales totalling 6,471 units sold, which is an 87% increase when compared to the same period the year before in 2018.
Who is buying properties in Turkey?
Citizens from Iraq purchased a total of 8,205 homes last year and have continued the trend amongst the nation’s purchasing Iraqi citizens buying 628 houses in February alone, which is up from 320 in February last year.
The data confirmed that after the Iraqi citizens, Iranians purchased 307 houses, Russian citizens purchased 236 houses, Afghani citizens purchased 166 houses and finally Jordanian nationals purchased 150 homes in Turkey.
On the examination of January and February this year, sales stand as follows:
- Iraqi nationals have purchased 1,233 houses
- Iranians have purchased 612 houses
- Russians have purchased 431 houses
- Afghans have purchased 357 houses
- Jordanians have purchased 280 houses
Which areas of Turkey are most popular in terms of property sales?
Istanbul, the most popular city in Turkey was the top choice for foreign buyers with 1,440 units sold in February, which was a massive jump from the 604 units that were sold the year before during the same period.
Antalya, known as a top holiday resort city, was runner up to Istanbul with real estate sales standing at 672 in February. The capital Ankara saw sales reach 396, sales in Bursa numbered 360, then came Yalova with 300 houses sold and finally there were 215 houses sold in Sakaryu.
Once the sales to foreign buyers were analysed together for the year so far, the figure increased as follows:
- Istanbul – 2,801 houses
- Antalya – 1,273 houses
- Ankara – 378 houses
- Bursa – 369 houses
- Yalova – 300 houses
- Sakarya – 215 houses
Adem Atmaca, Chairman of the Atmaca Group stated that after having evaluated the figures, the increase in foreign investors in home sales is a welcome change to a small downturn that has been seen in the demand for domestic housing.
Atmaca released a written statement in which he noted that the increase of property sales to foreign buyers as investors is what has contributed seriously to the development of new projects, whilst also sustaining existing property projects.
When addressing the housing figures Atmaca said that, “With 81.9% increase in January, we reached the highest monthly sales. With 92.1% increase in February, we managed to post an increase both compared to February of last year and last month. From this point of view, we can say that the upward trend will continue in 2019.” Atmaca noted the recently Turkish Citizenship by Investment campaign that has seen a spike in foreign investors.
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