Posted on 09 September 2011
The Turkish property market continues to go from strength to strength. Recent reports have indicated that Russian and Arab buyers are taking over from Brits as the dominant force, but according to official data Brits are still the largest grouping of foreign owners in Turkey as the property market continues to flourish in sales and price growth.
The data, from the Land Registry Directorate’s Foreigner Affairs shows that over 112,200 properties in Turkey owned by foreigners, 24,848 (22%) properties are owned by Brits. Germans and Greeks are the second and third biggest owners, of 89 nationalities that now own in Turkey.
Of course this is not discounting the reports of increasing Russian and Arab buyers, because we know them to be true, simply that they have a way to go before they catch up on Brits who have been buying property in Turkey for nearly a decade.
Sales and property prices in Turkey are continuing to rise as well according to the Land Registry. Data from the body for July shows a 7.29% increase in transactions compared with the same period last year, which was also a growth of 1.2% compared to the previous month. Meanwhile according to the residential house price index by GYODER and REIDIN residential property prices in Turkey are currently growing at a rate of 5-6% per year.