Turkey’s residential property sales surpassed 7 million homes during the past 5 years as locals bought 6.9 million houses while foreigners purchased 154,871 residences, according to the article, based on data from the Turkish Statistical Institute (TÜIK).
The data also showed that between September 2015 and 2020, the year 2017 saw the highest sales. In that year, 1.4 million houses were sold while the year 2015 saw 1.29 million residences being purchased. The sales recorded an increase in 2016 as 1.34 million houses were bought.
The years 2018 and 2019 saw similar numbers of houses being purchased with 1.38 million and 1.35 million residences bought respectively.
As banks decreased their interest rates in 2019 prominently, 1.02 million homes switched owners in only a matter of eight months.
Istanbul: Turkey’s favorite city for property
Istanbul, the biggest city in Turkey, ranked as Turkey’s favorite city and top tourist destination with home sales of 1.2 million, Ankara followed with 720,124, Izmir with 412,488, Antalya with 313,735 and Bursa with 265,715.
Many Anatolian provinces have seen over 50,000 houses sold each in the last five years in metropolitan areas.
Foreigner interest in Turkish homes increase
Foreigners have been interested in buying a property in Turkey for the last five years, as they purchased nearly 155,000 residences.
Foreigners’ favorite spot for house purchases has been Istanbul with 61,734 residences being sold, followed by Antalya, Bursa, Yalova, capital Ankara and Sakarya.
Turkey’s homes sales by nationality
Iraqis have become the biggest buyers of Turkish property since January 2015, purchasing over 30,000 residences. Iran, Saudi Arabia, Russia and Kuwait followed Iraq’s lead, with each group purchasing at least 10,000 residences.
The first eight months of 2020 have seen increasing interest by the Chinese, who bought 575 houses in the January-August period and moved to the eighth rank among foreigners buying the most property.
Foreign buyers became Turkish citizens
Foreign residential sales showed a rapid increase in the last year due to the high exchange rate and legislative amendments that eased the minimum requirements for acquiring Turkish citizenship, which has led investors from all over the world to benefit from this opportunity and acquire residential property in the country.
Under regulations introduced on Sept. 19, 2018, foreigners who own real estate in Turkey worth a minimum of $250,000 – down from $1 million – are eligible for Turkish citizenship.
According to the Interior Ministry's General Directorate of Population and Citizenship Affairs, some 2,611 foreign buyers became Turkish citizens a year after the amendments were introduced.
Excellent reasons to buy property in Turkey
There are several reasons foreigners are attracted to buying a property in Turkey.
Turkey offers a passport within a few months with the purchase of a property for only $250,000 USD. The property must be purchased with self-funding, paid in full, and held for at least three years before selling.
2: Strategic location
Turkey’s strategic location between Europe and Asia has paved the way for the world’s largest airport, the Istanbul International Airport.
Turkey’s strategic location provides the convenience of Europe and most of the Middle East within a few hours of flight time.
Turkey offers a rare opportunity to enjoy the diversity of the four seasons. Turkey attracts many real estate investors and tourists from all over the world, as it’s one of the few places you can enjoy skiing in the snow and swimming in the sea on the same day.
4: competitive housing price compared to other countries
The low prices of homes within the Turkish real estate market attract foreigners from various nationalities. Luxury properties are available, Besides, low prices have enabled many customers to buy the property outright without even mortgages or bank credit.
5: Massive property portfolio
Talented Turkish and world architects have boosted the property portfolio of Turkey. Foreign buyers have extensive choices from budget apartment to luxury apartments and villas with sea views; buyers do not have to compromise on their dream home.
6: Ideal for long term investment
For investors who are looking for a long-term investment, current prices of properties in Turkey have potential to offer a lucrative return on investment. Experts often recommend that the real estate market is the best long-term investment to make, but buyers in Turkey have added advantages over other countries where property prices have already peaked. Turkey has mass potential for return on long term investment.
7: Low cost of living
The low cost of living has attracted many buyers to buy property in Turkey. Pensioners are especially getting a good deal because the exchange rate from their currency into Turkish lira is netting them more than the average cost of living.
Turkey offers a variety of landscapes, including vast, sand beaches, snow-capped mountaintops, turquoise seascapes, terraced pools with natural hot springs, pine forests, rolling green hills, lakes and green mountains.
9: Rich Heritage and History
Turkey is home to seventeen UNESCO World Heritage Sites, but not just any sites. This is ancient history right up close and personal, and just one of the many reasons attracting tourists, and why investors are buying a property in Turkey.
10: A simplified buying process
Foreigners were first able to buy property in 2001, and since then Turkish authorities have continually revised and simplified the process to attract investment in the housing market from overseas. Buying a house or owning a property in Turkey can be completed in just one day.
Turkey offers a golden opportunity for settlement and investment, offering a distinguished opportunity to obtain Turkish citizenship for the family during a record period. Akarkom team of real estate consultants is ready to help you choose the most suitable properties according to your budget and requirements from within a bouquet of carefully selected villas, apartments and shops.