Foreign Buyers Still Going Strong in the Turkish Real Estate Market
Reports by Turkish newspapers say that over 14 years, between 2003 and 2017, foreigners purchased properties across Turkey worth a staggering 42 billion USD. The Turkish real estate market received much attention from foreigners pre-2013, but another law introduced around that time, significantly boosted the sector. It said, there was no need for reciprocal buying rights between two nations, and this opened the door for many Middle-Eastern nationalities to buy in Turkey.
In 2003, sales to foreigners generated 998 million USD but jumped to a staggering 4.64 billion USD in 2017. Over the last five years, just over 99.650 houses have been sold to non-Turkish citizens.
Industry professionals are confident total sales could reach 50 billion by 2019, given the current value of the Turkish Lira. They are also pushing for an investment level of 1 million USD for Turkish citizenship to be dropped to 300.000 USD. Others argue this amount is too low because stats show foreigners already buy real estate worth roughly 100.000 USD to 300.000 USD.
Foreign Sales and the Turkish Real Estate Market in 2018
The first quarter of 2018 saw a 20% jump year-on-year for foreigners buying homes in Turkey. This jumped in April to 25% with a total of 2043 houses bought by foreigners. So far, the top buying nationalities are Iraqi, Saudis, Iranians, Kuwaitis, and Russians. Trends stayed inline as three destinations continued to be the favorite spots for foreign buyers.
Istanbul: Historically, Istanbul has always been the number one destination for both foreign and domestic buyers. The city that is starting to rank in the same league as Paris, London and New York is currently undergoing a massive surge in new and off plan builds. Most are concentrated in areas outside the main center, especially on the European side that is also the planned location for the Istanbul Canal and the New Istanbul Third Airport that will be one of the world’s biggest travel hubs.
Antalya: This region, a favorite for tourists and expats, covers the smaller coastal resorts of Belek, Kemer, Kaş, Kalkan, Side, and the larger districts of Alanya and the city center. It promotes a strong multi-cultural and cosmopolitan vibe, hence its appeals to foreigners of many different nationalities but mainly Russians, Germans, East-Europeans, and Brits.
Bursa: Staying off the grid for foreigners until 2013, Bursa has burst into the limelight, mainly because it has some of the lowest prices on the Turkish real estate market. Other distinct advantages are the scenic landscapes, hence why it is known as the green city. Historical landmarks of immense importance make it a tourism hotspot, along with the fact that it was the Ottoman’s first ruling capital. It is also home to the 2543 meter Uludağ mountain, one of Turkey’s most loved skiing spots.
Turkey for Investors: By 2023, Turkey wants to be one of the top ten economies in the world and have in place, a detailed plan to do this. Part of this is attracting foreign investments into many sectors including real estate.
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