Resicom – Holiday Investment – 04-21 – LB

Turkish Real Estate Sales to Foreigners Up

The number of Turkish real estate sales to overseas property investors rose substantially in 2019, when compared to the previous year.

Last year, some 45,500 houses were bought by foreigners, up 14.7 per cent compared to 2018.

Istanbul was the top city for overseas property investors with 20,857 property sales in 2019, while Mediterranean resort city Antalya (8,951 sales), the capital Ankara (2,539 sales) and a north western province Bursa (2,213 sales) followed it.

Iraqi citizens were top buyers of Turkish real estate with 7,596 house sales. Iranians, Russians, Saudi Arabians and Afghans were among the top five.

In December 2019, foreigners bought some 5,300 houses, up 16.2 per cent on a yearly basis. Nearly 900 houses were bought by Iraqis, some 76 by Iranians and 362 by Russians. British overseas property investors remain further down the list when it comes to Turkish real estate purchases.

Overall, sales of Turkish real estate dropped by 1.9 per cent or 26,669 units in 2019, compared to the previous year, according to the Turkish Statistical Institute (TurkStat) data.

Nearly 511,700 houses were sold for the first time while the remaining were second-hand sales from January to December.

Istanbul – Turkey’s largest city by population and one of its top tourist centres – took the largest share of house sales with 17.6 per cent or 237,675 houses in the year.

Official data showed that the capital Ankara and the Aegean province of Izmir racked up 132,486 (9.8 per cent) and 79,221 (5.9 per cent) of total housing sales, respectively.

Mortgaged sales of Turkish real estate were recorded at 332,508 – a 24.7 per cent share of all house sales over the same period.

In December 2019, house sales rose by 47.7 per cent to reach some 202,000 units – 75,480 new and almost 126,600 second-hand – on a yearly basis.

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