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Sale of Fifty Apartments per Day for Foreigners in Turkey

: 2017-08-28

Sale of Fifty Apartments per Day for Foreigners in Turkey
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Turkish real estate markets are witnessing a high demand in recent years by Arab and foreign investors. A survey was conducted on the number of properties sold to foreign investors in Turkey over the past 4.5 years. Based on the results obtained, 81,754 apartments were sold during this period, meaning that 50 apartments were sold on a daily basis to real estate investors in Turkey.

The facilities provided by the Turkish government in this context to foreign investors is the biggest factor contributing to an increase in the demand for Turkish property by foreign investors in general and Arabs in particular. These facilities include several amendments to laws and decrees in the field of real estate market regulation. The most notable of which is the tax exemption on properties purchased by foreigners, in addition to tax cuts and many other discounts.

The issue of granting Turkish citizenship to foreign investors in the real estate field may be the most important factor. As these measures increase the confidence of foreign investors in the real estate market more.

The latest figures show that the volume of sales in real estate for foreigners increased by 18.6 percent between April and June of this year compared to the same period last year.

Based on a study conducted on each of the cities of Turkey and the demand of foreign investors that Istanbul tops the list of cities in which the investor wants to own. Where 24,813 apartments were sold in Istanbul alone during the period covered by the study. Which shows that Istanbul has exceeded 30% of these sales alone.

The study shows that most of the nationalities in Turkey are Arab nationalities. In addition, the figures show that since 2015, Saudi investors have come first, ahead of many European countries, Russia, and East Asian countries. Kuwaiti investors came second and Iraqis ranked third. These figures are, of course medial, given that few months have seen some countries advance on each other and others have declined.

The real estate experts expect foreign demand to increase in the Turkish property market in September next year, after the end of the holiday period and the investors’ entry in the active phase starting of this month.

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