News

• June 27, 2019

Housing sales to foreigners in Turkey increased by 62.5% in May

Keeping up with a skyrocketing rise, Turkey's property market saw its best May ever in real estate sales to foreigners across the country. What's more, the market has hit all-time figures in sales to foreign buyers during each month since the beginning of the year.
Sales to foreign buyers jumped by 62.5 percent last month to some 3,925 units, up from 2,415 units in May 2018. As for the January-May period, purchases by foreign residents surged significantly, from 9,756 to 17,263, posting an increase of 77 percent, according to the Turkish Statistical Institute (TurkStat) Monday.
Sector representatives say incentives and legal amendments introduced, particularly for foreigners, continue to maintain their contribution, emphasizing that the upward trend in sales to foreign investors continued despite negativities and tensions on the international and regional level.
Earlier, foreigners acquired some 3,168 units in January, 3,321 units in February, 3,129 units in March and 3,720 units in April, with a year-on-year increase of 81.9 percent, 92.1 percent, 71.3 percent and 82.1 percent, respectively. All four months saw all-time high figures.
The national statistical body said the country's most populous city, Istanbul, has continued to be the top choice for foreign buyers. Residential property sales to foreigners in the city last month skyrocketed by 103 percent year-on-year to 1,734, compared to just 854 in May last year. As it was the case recently, Istanbul was followed by the holiday resort city of Antalya, where foreigners purchased some 850 houses in May. It was followed by the capital of Ankara with 216, Bursa with 187, Yalova with 136 and Muğla with 109 units sold.
This rank is almost the same in the January-May period, Istanbul was still the top choice with 7,894, followed by Antalya with 3,425, Ankara with 977, Bursa with 878, Yalova with 688 and Sakarya with 520 houses sold.