NEWS Property        17/04/2019

Property sales to foreigners in Turkey remain strong in March 2019

According to figures prepared by the Turkish Statistical Institute (TÜİK – Türkstat), property sales to foreigners in Turkey in March 2019 are 3,129 units, which is 71.3% higher then 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 then 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 March 2019, sales to middle-eastern nationals continue at close to 60% of the total. Highest sales were to Iraq nationals with 548 units, followed by Iranian nationals with 334 units, Saudi Arabian nationals with 189 units, Russian nationals with 156 units, Afghanistan nationals with 150 units, Palestinian nationals each with 128 units, Kuwait nationals with 123 units, and Yemeni nationals with 121 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 1,520 units in March 2019. The Mediterranean resort of Antalya was the second most popular province with 626 units, followed by the capitol Ankara with 173 units, and the north-western provinces of Bursa with 121 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 5.3% in March 2019 to 105,046 units compared with the same month of the previous year.

 

 



Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate steadies at 19.50% in April 2019       Turkey’s unemployment rate remains at 14.7% in February 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 3% in the fourth quarter of 2018