Real estate in Turkey in 2017: The year in review
Real estate in Turkey in 2017: The year in review
Turkstat has published their 2017 report of housing statistics in Turkey, showing increasing sales by both domestic and foreign investors.
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Robert Anders via FlickrTurkey's largest city Istanbul continues to be a favourite for both local and international real estate investors.
In recent information released by the Turkish Statistical Institute, 2017 showed growing figures in real estate purchases throughout the country.
According to the report, a total of 1,409,314 houses were sold in Turkey in 2017, a 5.1% increase in total sales compared to the previous year. Of the total sales, the country’s largest city, İstanbul had the highest overall share of house sales in 2017, followed by its capital, Ankara, then the coastal city of İzmir.
2017 overall and the first nine months of the year showed increased real estate sales in Turkey. Image credit: Turkish Statistical Institute.
Sales to foreigners took up a significant portion of the total residential real estate purchases, with sales to international buyers increasing by 22.2% in 2017 compared to the previous year. İstanbul proved to be the most popular location for foreign investors, with 8,182 sales in 2017. Antalya was the second province with 4,707 sales, followed by Bursa and Yalova respectively.
Industry experts Spot Blue International Property commented on the surprising addition of the lesser-known districts. “The districts of Bursa and Yalova are slowly climbing up the ranks. Despite being latecomers to the market appealing to foreign property buyers, the historical value, as well as beautiful landscapes, are especially popular with Middle Eastern nationalities who find many similarities between cultures.”
Commenting on the overall figures of real estate sales to foreigners, Spot Blue International Property said “the improved stats are most likely the results of a favourable exchange rate as well as a variety of incentives by the Turkish government to attract foreigners to their real estate market. In January 2017, the Official Turkish Gazette published a decree offering citizenship to any foreigner buying property worth 1 million USD or more.”
If you would like more information on real estate in Turkey, visit the Spot Blue International Property website.
If you wish to speak to the Turkey real estate industry experts, phone or email Spot Blue International Property via the contact details below.
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