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Feb 5, 2023

Foreigners Own Real Estate Worth $41.3 Billion in Turkey

According to data from the Turkish Statistical Institute "TUIK" in a period of 9 years since 2013 AD, foreigners bought a total of 293,271 houses in Turkey, as government facilities had a prominent role in increasing the purchase of real estate by foreigners, after the issuance of the decision to grant real estate citizenship in 2017, and when It reduced the value of the property through which Turkish citizenship is granted from one million dollars to 250 thousand dollars, then this price rose again at the beginning of 2022, to 400 thousand dollars.

Real estate affected by the rise in the value of the dollar:

The sharp decline in the value of the Turkish lira against the US dollar in recent years was a major factor in the increase in home sales to foreigners. In fact, statistics showed that foreigners made a record annual purchase of 58,576 homes in 2021.

One out of every four homes in Antalya is foreigner:

The number of properties sold to foreigners in Turkey in 2021 reached a total of 58,576 homes, and the share of sales to foreigners, which was 1.1% of the total home sales in 2013, increased to 4.5% in the first three months of 2022.

While 15,386 houses were sold in Antalya, in the first three months of 2022, 3,447 of them were purchased by foreigners, and the share of foreigners in the total amounted to 22.4%.

While 57,836 houses were sold in Istanbul during this period, foreigners bought 5,974 of them, and the foreigners' share of the total amounted to 10.3 percent.

The most popular cities for real estate:

From 2013 to 2022 AD, the number of homes purchased by foreigners in Istanbul reached 116,258 homes, and in Antalya, foreigners bought 67,766 homes. Recently, the attention of foreigners turned to the capital, Ankara, and it became another province in which foreigners showed interest, and 14,577 homes were sold in this period.

Iraqis and Iranians buy the most:

Since 2015, Iraqis have bought 44,092 homes in Turkey, while the number of homes purchased by Iranians has reached 30,776 homes. Also during this period, Russians have bought 19,773 homes, while Ukrainians have bought 5,338 homes.

In the first three months of 2022, Iranians ranked first with 2,256 homes, while Iraqis ranked second with 1,887 homes, and Russians came in third place with 1,535 homes.

Housing price increases:

Experts point out that the application of citizenship in exchange for purchasing real estate has been effective in astronomical increases in housing prices during the recent period. Experts confirm that the increase in construction costs and negative real interest rates, as well as the increase in housing purchases by foreigners, are pushing prices to rise.

$41.3 billion over 9 years:

The Turkish government encourages foreigners to buy housing, whether to finance contractors or to finance the current account deficit. According to Central Bank data (CBRT), foreigners have purchased real estate worth $41.3 billion in Turkey in the past nine years. In addition to purchasing housing, foreigners are purchasing large areas of land....

Foreigners buying real estate in Turkey compared to Turks:

In a report by the Turkish Statistical Institute, it was stated that real estate sales to foreigners in Turkey, the share of housing sales to foreigners amounted to 3.9% of the total number of buying and selling transactions, meaning that a total of 1,491,856 houses and apartments in Turkey in 2021, so the percentage of Turks purchasing homes during this period is 96.1%. .

During the year 2022, housing sales increased by 24.2%, in the period from January to July, compared to the same period of the previous year and amounted to 820,300 homes, and the percentage of purchases by foreigners was 4.5%, so the percentage of Turks buying real estate for this year reached 95.5%.

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