What nationalities buy real estate the most in Turkey?
The demand for buying real estate by foreign investors in Turkey is increasing, as the demand by some nationalities has increased significantly. Statistics show the recovery of the Turkish real estate market And its openness to the non-Turkish market in particular. As many Turkish cities are racing toward economic prosperity as they are Asia's gateway to Europe .. such as Istanbul, Ankara, Izmir, and Mersin.
What nationalities buy real estate the most in Turkey?
The demand for buying real estate in Turkey is receiving more attention from foreign investors, because of the advantages offered by the Turkish state that encourage investors to invest in the Turkish real estate market. Such as granting Turkish citizenship when buying a property of approximately 250 thousand dollars, and other studied facilities that revived the Turkish market and maintained its stability despite the economic crises.
The Turkish Statistical Institute issued its studies and statistics regarding the Turkish real estate market, and the statistics issued by the real estate market and total sales revealed the following:
The most nationalities buying real estate was Iranian, with approximately 946 properties
- Russian nationality with approximately 587 properties
-Afghan nationality, with approximately 570 properties
-Saudi citizenship, with 440 properties
They are followed by the Kuwaitis, then the Germans, the English, and the Jordanians.
The number of people of some foreign nationalities wanting to buy apartments in Turkey has doubled dramatically, which can be described as seasonal, for example, the number of Turkish real estate bought by Algerian nationals increased in March by 446%; Compared to the same month last year, Palestinians are ahead of those who hold citizenship by 457%!
Where do foreigners buy in Turkey?
The proportions of cities and regions in which foreigners buy their real estate vary, but it can simply be expected that Istanbul is in the first place due to its prosperity and the diversity of its societal segments and nationalities, in addition to being the first destination for foreigners at Istanbul’s new airport and a suitable place for real estate, industrial and commercial investment in general.
- Istanbul: 4,321 properties bought by foreigners
- Antalya 1889 property
- Ankara 551
- Yalova 410
- Sakarya 319
It is reported that Aydin, Mugla, Mersin, Trabzon, and Samsun have recently gained great popularity in terms of real estate sales.
Who are these foreigners?
When it comes to the age and profession of property buyers, the largest share of buyers is highly qualified professionals aged 45-54, doctors, engineers, etc. In addition, residents of many countries consider Turkey the best option for residency after retirement.
About 10% of property buyers have obtained citizenship, another 10% have just applied and their applications are being processed, 80% prefer to obtain a residence permit or stay in the country for two months, which does not require additional paperwork.
Between 2019 and 2020, the main goal of 36.7% of home buyers in Turkey was to make a profitable investment. Moreover, based on the results of the report, about 95% of those who bought both apartments in buildings, houses, or villas (90% bought apartments and 5% - detached houses) paid special attention to the fact that there is an adjacent garden to the home or apartment building.
This means that zoning and landscaping are very important to buyers today. Especially now, with the current epidemic situation, the demand for houses and villas has increased sharply.
It was also reported that 92.7% of the 410 respondents - a random sample nationwide - have long-term owners of real estate in Turkey. This indicator is at least several years old. This means that they do not buy homes to resell in a year or two at a higher price. This is due to the fact that the average annual stay in Turkey for a foreigner who bought a house was 2.8 months or about 84 days.
Istanbul especially
According to the same statistics, real estate sales throughout Istanbul alone (for citizens and foreigners) in March of this year amounted to 19,140 properties, and Esenyurt was the most selling real estate in this period.
- Esenyurt 2399 properties
-Sancaktepe 1201 properties
The 2023 goal is to exceed 15 billion US dollars!
One of the founders of the modern real estate market in Turkey announced that the current market goal is to sell real estate worth 15 billion dollars in Turkey in 2023. Practically, this goal is achievable given that 83.2% of foreign property buyers are satisfied with their purchase and foreigners are interested in it.
In fact, real estate in Turkey is growing rapidly.
These statistics explain the current situation of the real estate market, its recovery, and its importance, as well as the increasing real estate movement and the impact of decisions taken on increasing the desire to buy real estate in Turkey by foreign investors. As amending the Nationality Law and granting it to real estate owners and investors. It helped make the Turkish real estate market stronger and increased demand. The real estate market is also expected to witness increasing development in the coming period.
