Foreign Property Sales Statistics in Turkey and Changing Dynamics of the Real Estate Market
Turkey has become an attractive real estate market for foreign investors, thanks to its rich history, culture, beautiful landscapes, and a dynamic economy. In this article, we will explore the statistics of foreign property sales in Turkey to examine the recent developments and trends in the real estate market.
Foreign Property Sales Statistics in Turkey
The statistics of foreign property sales in Turkey illustrate how appealing the country's real estate sector is to international investors. Here are some significant statistics from recent years:
2020 and 2021: Pandemic and Records
In 2020, Turkey recorded 45,483 property sales to foreigners, marking a 5.5% increase compared to the previous year.
In 2021, this number rose to 51,464, indicating a 13% increase compared to the previous year.
Turkey's provided trust and stability during the pandemic period attracted the attention of foreign investors.
Top Countries of Interest
In 2021, the top countries with the highest number of property buyers were, in order, citizens of Iraq, Iran, Russia, Afghanistan, and Kazakhstan.
Major cities like Istanbul, Antalya, and Ankara emerged as popular regions for foreign property acquisitions.
Real Estate Prices in Turkey
Real estate prices in Turkey continue to remain attractive to international investors, with reasonable prices on average, although they vary across different regions.
Factors Influencing Foreign Property Acquisition
Several factors can influence the decision of foreign investors to purchase property in Turkey:
Economic Stability: Turkey's economic stability is crucial for foreign investors considering property purchases.
Visa and Residency Opportunities: Turkey offers residency permits or citizenship through property investments.
Touristic and Cultural Attractions: The country's appeal as a tourist destination and its rich cultural heritage can motivate foreigners to own property in Turkey.
Property Taxes and Expenses: Taxation and other purchase costs are significant considerations for investors.
Conclusion
Turkey continues to offer an attractive property market for foreign investors. Increased interest post-pandemic and economic stability seem to have revitalized the country's real estate sector. However, thorough research and seeking expert advice are essential before making any investments. Monitoring foreign property sales statistics in Turkey is crucial to gauge how rapidly this captivating market is evolving and what the future may hold.