NEWS Property        16/05/2019

Foreign interest in property in Turkey continues in April 2019

According to figures prepared by the Turkish Statistical Institute (TÜİK – Türkstat), property sales to foreigners in Turkey in April 2019 are 3,720 units, which is 82.1% higher than the figure for the same month of the previous year, though lower than the record figure of 6,276 units for the month of October 2018.


In the year 2018, property sales to foreigners were 39,663 units, 78.4% higher than the figure for previous year 2017. The reason for the high number of property sales to foreigners in the latter half of 2018 and into 2019 is no doubt the government’s easing of citizenship requirements for foreigners, who can now obtain Turkish citizenship if they own real estate in Turkey worth a minimum of USD 250,000.


In April 2019, sales to middle-eastern nationals continue at close to 60% of the total. Highest sales were to Iraq nationals with 533 units, followed by Saudi Arabian nationals with 395 units, Iranian nationals with 332 units, Russian and Kuwait nationals with 202 units apiece, Afghanistan nationals with 189 units, Jordanian nationals each with 149 units, and Yemen nationals with 148 units. In 2018, of the total 39,663 units sold, highest sales were to Iraq nationals with 8,205 units, followed by Iranian nationals with 3,652 units, Saudi nationals with 2,718 units, Russian nationals with 2,297 units, Kuwait nationals with 2,199 units, and Afghanistan nationals with 2,084 units.


Istanbul was the number one province attracting property sales to foreigners with 1,839 units in April 2019. The Mediterranean resort of Antalya was the second most popular province with 676 units, followed by the capitol Ankara with 210 units, and the north-western province of Bursa with 201 units.  Of total sales in 2018, 14,270 units were sold in Istanbul, 7,938 units were sold in Antalya, 2,720 units were sold in Bursa, 2,133 units were sold in Ankara, and 2,063 units were sold in Yalova.


Domestic sales in general in Turkey, that is including both Turkish and foreign nationals, fell by 18.1% in April 2019 to 84,403 units compared with the same month of the previous year. Sales to foreigners were therefore 4.4% of the total property sales in Turkey in the month of April.


Turkey’s net minimum wage has been raised 15.04% to TL 2,324.70 (USD 391) as of 01.01.2020       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate increases to 12.15% in January 2020       Turkey’s unemployment rate decreases slightly to 13.3% in November 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,154,997 as of 2019 yearend       Foreigners visiting Turkey in 2019 increase by 14.1% to a record 45.1 million       Turkey’s private sector foreign debt is USD 200.9 billion as of 2019 yearend       Turkey’s economy recorded a growth of 0.9% in the third quarter of 2019       Turkey records current account surplus of USD 1,674 million for the year 2019