Turkey Property News

60% rise in Turkish sales to foreigners

New data from the Turkish Statistical Institute shows a large increase in property sales to foreigners, with Istanbul taking over from the resorts.

In the first half year of 2014, 8,507 houses were sold to foreigners in Turkey, compared to 5,234 in the same period last year. This marks a 60% increase.

Istanbul attracted the largest number of foreign buyers. In the first half year of 2014, foreign buyer numbers increased by 150% compared to the same period in 2013. Turkey’s biggest city now attracts more foreign buyers even than the holiday resort of Antalya, which was the number one last year.

As well as being vibrant and cosmopolitan, Istanbul has been transformed in recent years by urban infrastructure projects and gentrification, with plenty more in the pipeline. Nazmi Durbakayim, Head of the Istanbul Constructors Association told Daily Sabah, “We predict that once the laws regarding reciprocity and urban transformation are passed, the foreigners’ attention to Istanbul will climb further”. Mr. Durbakayim bases this assessment not only on the fact that general construction will increase the appeal of the city, but also on the planned housing sites with high standard, good views and in districts such as Taksim, Fikirtepe and Zeytinburnu, where 50% of the housing is sold to foreigners.

The latest numbers released by the Turkish Statistical Institute concern the month June, which was especially strong compared to May. In June, 1,703 sales to foreigners were registered, Istanbul made up for 600, while Antalia came close to it with 586 sales. Aydın, Muğla, Bursa and Yalova are the other cities that attract a large number of international investors.