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Home sales to foreigners rise, over 24,000 units sold in first 7 months

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The housing market continues to enjoy a great deal of interest from foreigners so far this year, with Istanbul their favorite location and Iraqis as top buyers

Turkish developers continue to enjoy increasing demand from foreign buyers in the housing market. As a result, real estate sales to foreigners posted the highest-ever figures in the first seven months of the year. Foreigners became new owners of 24,144 houses in the January-July period, resulting in a rise of 64.5% year-on-year, according to Turkish Statistical Institute (TurkStat) data released Tuesday. They purchased some 14,674 units in the same period of 2018.

As for July, sales were up 46.7% and hit 4,192 – the highest-ever July figure – up from 2,858 units sold in the same month last year.

Earlier, foreigners acquired some 3,168 units in January, 3,321 units in February, 3,129 units in March, 3,720 units in April, 3,925 units in May and 2,689 units in June with a year-on-year increase of 81.9%, 92.1%, 71.3%, 82.1%, 62.5% and 30.5%, respectively. All six months saw all-time high figures.

The rank among the provinces kept its order as the country’s economic locomotive and the most populated city Istanbul continued to be the favorite location for foreign real estate buyers. They purchased some 10,806 units in the city in the first seven months of the year, of which 1,903 were acquired last month. The figure in July was up 99.1% from 956 units in the same month in 2018.

 

The Mediterranean resort city of Antalya followed Istanbul with 764 houses sold to foreign investors last month. In the same month, they purchased 294 units in the capital Ankara, 217 units in Bursa, 177 units in Yalova, 111 units in Sakarya and 109 in Trabzon.

In the seven-month period, foreigners became new owners of 4,857 houses in Antalya, 1,360 in Ankara, 1,217 in Bursa, 988 in Yalova, 703 in Sakarya, 534 in Trabzon, 479 in Mersin and 468 in Muğla.

IRAQIS TOP BUYERS

The rank among nations also did not change over the course of the year so far. Iraqis maintained their position as top buyers, acquiring some 4,071 houses in the first seven months, followed by Iranians with 2,666 units, Russians with 1,479 units, Saudis with 1,312 units and Afghans with 1,150 units.

As for last month, 734 houses were sold to Iraqis, up from 584 in the same month last year, 465 were sold to Iranians, 219 to Kuwaitis, 218 to Saudis, 215 to Russians and 163 to Afghans.

UPWARD TREND TO CONTINUE

Foreigners who utilized the opportunities over the summer have further benefited from the legislative amendments that eased citizenship with investment limits for foreigners, said Istanbul Constructors’ Association (İNDER) Chairman Nazmi Durbakayım.

Turkey reduced the limits for foreigners to acquire Turkish citizenship to encourage investments in September 2018. Thus, foreigners who own real estate in Turkey worth a minimum $250,000, instead of the previous limit of $1 million, can now acquire Turkish citizenship.

Pointing to significant mobility in the area, Durbakayım noted that the distribution in the foreign sales show that citizenship-purpose sales were more dominant than the usual summer sales.

“In other words, foreigners who see that Turkey is a reliable and stable country continue their real estate purchases. Here we see the most purchases for the purpose of citizenship and investment. We believe the upward trend will continue throughout the year,” he told Anadolu Agency (AA).

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