Turkey continues to be flavour of the month with foreign property-buyers, following a record number of purchases by non-nationals in May and consistent growth for the first five months of 2015.
Turkish property purchases by overseas investors were up 21.3 per cent in May compared to the same month in 2014, with total sales reaching 1,982, according to the Turkish Statistical Institute (TurkStat). TurkStat data also showed that sales of Turkish real estate to non-Turks rose 19 per cent between January and May compared to the same period in 2014, with 8,097 properties bought by foreigners.
Unsurprisingly, Istanbul was the most popular buying destination in May, with 636 sales by foreigners, representing a 56.7 year-on-year increase thanks largely to increasing numbers of investors from the Middle East. The southern coastal city of Antalya was second favourite with 545 sales.
Property sales to non-Turks were worth $4.3 billion in 2014, a rise of 41 per cent compared to 2013.
Turkey’s booming tourism market is helping to drive foreign property sales there – and things are set to get even better. Last year the country received 36.8 million foreign tourists, a figure forecast to rise to 42 million this year, which would be worth of $36 billion to the Turkish economy.
“While the economic uncertainty in Europe continues and turmoil in the Middle East rages on, Turkey’s tourism has already grown by three per cent,” said Association of Turkish Travel Agencies (TÜRSAB) Chairman Basaran Ulusoy at a conference in May. Ulusoy added that winter tourism in Turkey was gaining prominence.