The real estate market in Turkey has always been in a state of continuous prosperity and development. As the state confined Turkey to focusing efforts and interests greatly on the real estate market in all its states, especially Istanbul and other large cities. Therefore, this economic boom that Turkey is witnessing does not come from nothing, as real estate sales to foreigners in Turkey have recorded continuous growth, as the value of properties sold last season amounted to about 40 thousand 820 properties. Despite the negative effects that occurred on all sectors due to the Corona pandemic, this sector maintained a great increase rate and good stability, despite the difficult conditions at the time.
Turkey is witnessing a remarkable turnout by foreigners, especially Arabs, to buy real estate and real estate investment, especially after the decision issued by the Turkish government at the end of 2018, which stipulates granting Turkish citizenship in exchange for real estate investment, as this decision was a milestone for many. The real estate market in Turkey witnessed different rates than it was before the issuance of this decision, as the percentage of sales varied and became more high and the demand for it increased. In addition to the remarkable revitalization of the real estate market by foreign and Arab visitors, this decision greatly facilitated matters for foreigners.
The continuous growth of real estate sales to foreigners in Turkey is due to several reasons, perhaps the most important of which is that the security that Turkey enjoys has become an attractive factor, especially for many citizens of conflict and crisis areas in the region. And that the strength and stability of the Turkish economy encourages investors to continue buying real estate, so we find that the percentage of real estate sales in Turkey is improving and rising.
• Real estate sales during the pandemic
The negative effects imposed by the Corona pandemic on most sectors of various specializations and others have caused harm to the largest economies in the world. While the Turkish economy maintained control and maintained advanced performance in general and important sectors in particular, the most important of which was the real estate sector. As despite the pandemic and the general closure of all countries, Turkey has tried hard to progress and reap positive results despite the bumpy road in the past periods. But the Turkish government's plans were fruitful to confront and mitigate the effects of the pandemic, while maintaining the economic wheel at the same time. Referring to the percentage of real estate sales to foreigners in Turkey in the past periods, that is, during the period of the spread of the virus, the numbers are very positive and striking. It did not record a significant decline despite the global closures, where real estate sales to foreigners recorded a very simple and natural decline, as Turkey kept not collapsing and providing its best money, so the results on the real estate level were satisfactory as it achieved good sales results.
• Real estate sales statistics in Turkey
According to the statistics issued by the General Directorate of Land Survey, the number of properties sold in all Turkish cities during the first half of 2021 reached approximately one and a half million properties. And real estate sales throughout Turkey during the month of July of 2021 amounted to about 230 thousand and 320 properties.
And the largest share in sales is for apartments, which are the best selling properties, and in other statistics from departments specialized in real estate affairs. Apartment sales in Turkey ranked first among the best-selling types of real estate during the first seven months of 2021, with 670,000 apartments sold. As for agricultural lands, it came in second place, as sales amounted to about 400,000 agricultural lands.
• The best selling cities for real estate in Turkey
Turkish cities witnessed competition in terms of the percentage of real estate sales for each city, but in the end, the larger number will be for the larger cities. The competition is settled by the presence of a city like Istanbul, which is the economic capital and the center of economic gravity in Turkey, where the city of Istanbul ranked first among the Turkish states selling real estate.
The number of real estate sales in Istanbul during the past year amounted to 190,000, 250 properties, accounting for 12% of real estate sales throughout Turkey during the first seven months. The Turkish capital, Ankara, ranked second among the Turkish states selling real estate, during the first seven months of 2021, where real estate sales during the mentioned period amounted to about 100,000 properties, achieving 6.7% of real estate sales throughout Turkey.
The state of Izmir ranked third among the most Turkish states selling real estate, during the first seven months of this year 2021, as real estate sales in Izmir during the mentioned period amounted to 70,705 properties, achieving 4.7% of the total sales of real estate throughout Turkey. These results are in fact expected, as these cities are among the major cities that are witnessing remarkable activity in terms of real estate sales.
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