Turkey: more and more foreigners buy real estate

4 October 2017

In Turkey, the real estate sector seems to have a bright future ahead of it, according to recent data published by the Turkish Institute of Statistics (TUIK).

Real estate sales jumped 4.7% in August 2017, compared with August 2016 to reach a total of 120,198 sales in one month.

The institute notes that the city of Istanbul has achieved the most sales. Thus, 18696 or 15.6%, real estate was sold in that city. The capital Ankara had 12,630 sales, ie 10.5%, while the 3rd place returned to Izmir with 6,838 sales.

Conversely, Hakkari, a city in the south, only made 13 sales.

The institute also announced that 56,498 new buildings were sold, an increase of 5% over the same period last year, and 63,700 were for "old" properties (an increase of 4.5%). %).

Of these sales, 38,743 were mortgaged, while for the remaining 81,455, the change was in owner-occupied housing.

In addition, sales to foreigners also jumped 11.4% to reach a total of 1,684 sales. As for sales to Turkish citizens, Istanbul remains at the top of the ranking with 524 transactions.

In the ranking of nationalities, we find at the top of the pack the Iraqis who have acquired 317 real estate, while the Saudis have signed for 198 projects. Kuwaitis followed with 135, Russians with 95 and Afghans with 81 acquisitions.

In July 2017, the increase was 42.4% to 115 869 transactions compared to 2016 where sales had fallen due to the attempted coup.

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