Feb 5, 2023
Turkey allows foreigners to buy real estate in Turkish consulates
The Ministry of Environment and Urbanization, which initiated a study to open representative offices in other countries upon serious requests from other countries, decided to open 12 representative offices in 10 countries, including Azerbaijan, France, Belgium and Arab countries.
With Representatives abroad who want to buy or sell housing in Turkey, Turkish citizens or foreigners, come to the country from buying, selling and opened the way to making the donation process.
Previously, the real estate buyer and seller had to go there and make transactions in the presence of the land registry office, but with the regulations made, transactions can be made in the representative offices established in the consulates abroad.
Accordingly, the first sale transaction from abroad took place on April 22 between the Turkish seller and buyer in Berlin and Konya.
The sale between two foreigners also took place
A real estate purchase and sale transactions for the first time in Turkey as part of the application was made in different countries among foreigners. Two British citizens living in Kaş district of Antalya sold their real estates to a British citizen at the Land Registry and Cadastre Representation in the German Consulate General in Berlin. Thus, these sales abroad of one party and the other between two foreigners for a property in Turkey was recognized as the first sales transaction is in Turkey, according to AA.
With this application, an increase is expected by more foreigners buying and selling of real estate in Turkey.
Three Turkish cities top global residential cities price index
Global cities experienced only modest growth in home values from April through June, as much of the world faced some form of economic lockdown. While, three Turkish cities witnessed astronomical price growth that led the entire global index.
Indeed, there were still pockets of extreme growth particularly in Turkey, where astronomical price growth in three cities led the entire index. The Turkish port Izmir, the country’s third most populous city, saw home prices shoot up 28.1% in the year through June, followed by Ankara, the capital, with 26.4% growth and Istanbul, with 20.2% growth year-over-year.
Turkey’s home sales 2015 - 2020
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).
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.
Notable increase in foreigner interest in Turkish homes
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.
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.
With Representatives abroad who want to buy or sell housing in Turkey, Turkish citizens or foreigners, come to the country from buying, selling and opened the way to making the donation process.
Previously, the real estate buyer and seller had to go there and make transactions in the presence of the land registry office, but with the regulations made, transactions can be made in the representative offices established in the consulates abroad.
Accordingly, the first sale transaction from abroad took place on April 22 between the Turkish seller and buyer in Berlin and Konya.
The sale between two foreigners also took place
A real estate purchase and sale transactions for the first time in Turkey as part of the application was made in different countries among foreigners. Two British citizens living in Kaş district of Antalya sold their real estates to a British citizen at the Land Registry and Cadastre Representation in the German Consulate General in Berlin. Thus, these sales abroad of one party and the other between two foreigners for a property in Turkey was recognized as the first sales transaction is in Turkey, according to AA.
With this application, an increase is expected by more foreigners buying and selling of real estate in Turkey.
Three Turkish cities top global residential cities price index
Global cities experienced only modest growth in home values from April through June, as much of the world faced some form of economic lockdown. While, three Turkish cities witnessed astronomical price growth that led the entire global index.
Indeed, there were still pockets of extreme growth particularly in Turkey, where astronomical price growth in three cities led the entire index. The Turkish port Izmir, the country’s third most populous city, saw home prices shoot up 28.1% in the year through June, followed by Ankara, the capital, with 26.4% growth and Istanbul, with 20.2% growth year-over-year.
Turkey’s home sales 2015 - 2020
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).
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.
Notable increase in foreigner interest in Turkish homes
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.
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.
