Offering competitively priced properties in one of the most promising emerging markets, Turkey’s real estate sector continues to attract increasing numbers of foreign property buyers. According to data by the Turkish Statistical Institute, property purchases by foreigners in the first 9 months of this year already exceeded the 2013 total -more than 13,600 houses were purchased by foreigners between January-September of this year compared to 12,200 in 2013-, while the property sales to foreigners in September increased by a whopping 81 percent year-on-year.
Foreigners bought USD 3.1 billion worth of real estate in Turkey between January and September of this year, a solid increase of 55 percent over USD 1.9 billion was observed in the same period of 2013. The real estate sales to foreigners also constitute one third of the foreign direct investments, USD 9.3 billion, that Turkey attracted in the given period.
The country’s most visited tourism destination, Antalya is the most popular location preferred by foreign property buyers, with 4874 housing units sold to foreign nationals between January-September 2014. Istanbul, Turkey’s largest metropolis and financial capital came second with 3900 houses purchased by foreigners in the first 9 months of 2014.
Real estate purchases by foreigners in Turkey reached an amount of USD 3 billion in 2013, rising by 15 percent over the previous year, after Turkish laws on property ownership by foreigners were eased in 2012. The country also grants residency permits to foreigners who acquire property.