The Turkish Statistical Institute Turk Stat have published their 2017 report of foreign property buyers in Turkey. It reveals a colourful variety of nationalities bought a total of 22,234 homes reflecting an increase of 22.2% year on year.
The improved stats are most likely the results of a favourable exchange rate as well as a variety of incentives by the Turkish government to attract foreigners to their real estate market.
In January 2017, the Official Turkish Gazette published a decree offering citizenship to any foreigner buying property worth 1 million USD or more.
The following month, Turkish parliament passed a law that enabled foreigners investing in the property market of Turkey to be exempt from value-added-tax. Conditions included making the purchase in a foreign currency and keeping the new property for at least a year. The law also applied to Turks who lived and worked abroad for more than 6 consecutive months.
Stats show Istanbul as the most popular district for house sales to foreigners with a total of 8182 homes sold. The city, the largest and busiest in Turkey is currently undergoing a construction boom with many skyscraper projects on the market.
Offering a wide range of social community features such as swimming pools, landscaped gardens and onsite fitness gyms, prices starting at an average of £55,000 are proving to be a huge hit. The outskirts and surrounding districts of Istanbul are also climbing in popularity as buyers are lured by lower property prices but with all the benefits of city living close by.
The Mediterranean district of Antalya followed by 4707 house sales to foreigners. Consisting of the smaller coastal resorts of Side, Alanya, Kemer, Belek, Kas, Kalkan and the main city centre, Antalya is particularly popular with Russians, Germans and Brits, of which many live permanently in the area as retired expats.
Once again, the districts of Bursa (1474) and Yalova (1079) are slowly climbing up the ranks. Despite being latecomers to the market appealing to foreign property buyers, the historical value, as well as beautiful landscapes, are especially popular with Middle Eastern nationalities who find many similarities between cultures.
The top buying nationality was Iraqis with a total of 3805 houses. Saudi Arabians closely followed with 3345 house sales. The nationality taking third was Kuwait with 1691 sales.
British buyers bought a total of 794 homes in Turkey. Despite getting off to a shaky start in the first two months of the year with just 77 sales, business picked up and climbed to its peak in September with 103 sales for that month alone.
General trends show British buyers tend to stick to the Aegean and Mediterranean coasts in resorts such as Didim, Fethiye, Bodrum and Kalkan.
Expert insiders are predicting a rebound for both the tourism and foreign Turkish real estate market in 2018. The government spent most of 2017 clamping down on terrorism, and the lack of attacks is seeing a return in confidence for both sectors.
British airlines have massively increased their seat capacity between the two countries and a favourable exchange rate, as well as a surpass supply of new, modern homes offer ideal conditions for foreign property buyers in Turkey. To know more about investing in Turkish real estate, contact us today via email, telephone by visiting our central office.