Foreigners on Turkish Property Buying Spree

Posted on 08 June 2013

We are only just past midway through the year but already foreigners have purchased more than 6000 properties in Turkey. According to data from the Turkish Environment and Urbanization Ministry 6802 foreigners from 83 countries including the US, Kuwait, Britain and Tanzania have purchased 5,432 Turkish houses and 862 plots of land.

The data showed that Russian’s are now the most prolific buyers of Turkish property, having purchased 1,209 properties in the country so far this year, putting them well in-front of Germans and Brits with 629 and 601 respectively.

Buyers from the US, Sweden, Ukraine, Norway and France also showed interest in the Turkish real estate sector with significant numbers, though not as impressive as their Russian, German and English counterparts.

It was easy to predict strong sales in Turkey this year after the government removed reciprocity from Turkish property law. Before the law change only buyers from countries in which Turks could buy property were allowed to buy property in Turkey. Removal of reciprocity was followed by the release of a new list of nationalities forewith allowed to buy in Turkey, taking the total to 183.

The government is on a mission to increase the number of foreign property buyers in Turkey, the removal of reciprocity was a biggie, but it has also just increased the length of visa that foreigners can obtain when purchasing property in Turkey, combine that with the rash of visa-free agreements in the last year boosting tourism and you can see why the Turkish property market is exploding as it is.

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