In August 2018, foreign house sales in Turkey reached a record total of 3,866 apartments and villas. The final stats released by TURK STAT (Turkish Statistical institution) are double the number of sales for the same month in 2017, which was 1.684 units.
Interest in Turkish real estate sharply increased when the lira took a dramatic nosedive, providing savvy investors with ideal opportunities to grab a bargain.
Industry experts also predict the trend will continue because, towards the end of August, the Turkish government announced revised requirements to gain Turkish citizenship through property investment. Previously owners had to buy property worth at least 1 million USD, and this has now dropped to 250,000 dollars.
In the first eight months of 2018, foreigners bought 18,540 houses in Turkey, a dramatic jump from 13,005 Year-on-year. In 2017, foreign investment in the real estate market clocked up 22,000 properties and expectations are that 2018 will easily beat this record.
Following earlier trends, Istanbul led the way as the most popular destination for house buying foreigners. For some years now, the city has been reviving its real estate market by expanding into outskirt districts like Esenyurt, Buyukcekmece and Beylikduzu.
Neighbourhoods along the planned Istanbul Kanak route also received much interest from foreign speculators looking for a long-term return on investment, and the increased attention, saw a rise in rent and property prices. In August 2018, foreigners bought 1,141 houses in Istanbul.
Also staying true to form, foreigners, bought 675 properties in the Antalya region made up of the city centre and smaller coastal resorts. Although the city centre has always been famous, one district receiving increased interest is Alanya, on the outskirts. Many nationalities enjoy the Antalya region for holidays, and often return to buy property in the area, either as summer holiday homes for permanent relocation to Turkey as an expat.
Rocking in at third place with 307 sales, Bursa is a latecomer to the foreign real estate market of Turkey yet is proving especially popular with middle eastern nationalities. It also has a distinct advantage by offering some of the lowest prices per square meter for developing markets.
Its city centre, mostly famed as the first capital of the ruling Ottoman empire, is a popular tourist attraction during summer. Uludag mountain, a prominent Turkish skiing destination also features prominently in domestic travel magazines. The Turkish government aims to increase year-round tourism by boosting the profile of winter destinations, and Uludag makes Bursa is a prime candidate for this.
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