Turkish Estate Sales Hit New Peaks in 2018

The country is continuously becoming ever more popular with foreign nationals. This is true for short touristic visits, as well as for long-term investments.

Anyone who is familiar with the country shouldn’t be shocked with this- Turkey is a fantastic powerhouse full of potential. This is mostly because of the geographically strategic location of the nation, being a cradle for both: Asia and Europe. Its beaches become packed throughout the summer thanks to their crystalline waters and lots of high-quality resort-type offerings. Its cities continue to become more and more diversified in terms of culture and business. Istanbul, with a population growing to almost twenty million individuals, offers almost anything someone could want. Additionally, convenient and easily accessible connections to Europe, the Middle East and Africa are to your disposal.

Sales of Real Estate in Turkey In 2018

In comparison to the same time periods of last year, the discounts on value-added tax and deductions on title deed fees boosted the market in October. Property sales to foreigners hit 6,276 units in October, a 134.4% increase. The boost in sales was mostly attributed to expansive campaigns launched by the government. Real estate line as well as legislative amendments in citizenship law were key drivers in this development. According to the Turkish Statistical Institute, Foreigners bought a total of 30,431 property units in the period of January to October this year.

Under regulations that went into effect this September, foreigners who own property in Turkey worth $250,000 – compared to the $1 million before – are eligible for Turkish citizenship. They can apply for citizenship in Turkey. Some 6,276 houses were sold to foreign buyers. 36% (or 2,283 units) of it was in Istanbul alone; the country's biggest city by population.

Behind Istanbul, the Mediterranean holiday resort of Antalya is second with sales of 1,160 property units, while the southern Marmara province of Bursa ranked third with 448 units. Iraqi citizens bought 557 properties in Turkey, citizens of Iran bought 378 properties. Citizens of other countries make up for the rest of the numbers, equaling to 5,341 property units.

Last Updated: 1/26/2019 5:45:03 PM