Posted on 05 April 2016
The number of Turkish properties purchased by foreigners surged by 15.8 per cent year-on-year in February, according to the latest figures from the Turkish Statistical Institute (TurkStat).
In total, foreigners bought 1,585 that month compared with 1,369 in the same month in 2015, with Istanbul attracting the largest share of the action with 555 purchases. The second most popular destination was Antalya (328), followed by Bursa (141). Iraqis comprised the largest group of international buyers, followed by Kuwaitis, then Saudis and Afgans.
The Turkish Government continues to strengthen ties with the Gulf region, with the Prime Minister visiting the region only in February. During the past year, citizens of Gulf countries have emerged as the top buyers of Turkish property with nearly half of some 22,000 acquisitions made by foreigners in Turkey being underwritten by the citizens of Gulf countries.
TurkStat’s figures also revealed that new homes are driving growth generally in the Turkish property market, which saw a 7 per cent year-on-year rise in sales (domestic and foreign) in February with Istanbul accounting for 17 per cent of all transactions. Purchases of new homes rose by 16.6 per cent to 47,409 in February compared with the same month of last year, while existing home sales decreased by 0.1 per cent year-on-year to 54,294.
Meanwhile, the latest Overseas Search Report by Rightmove Overseas includes three Turkish places in its ranking of destinations that saw the highest rises in searches during March. Altinkum saw the third highest, Didim was fifth on the list and Aydin was ninth.