Recent figures released show that foreign property buyers are still ploughing their hard earned cash into Turkey, taking advantage of solid investments, affordable holiday homes or to live as a permanent residence. However the figures also shown that the demand in domestic sales has dropped.
Foreign property sales increased by 70% with 2,677 units sold in October but overall property sales throughout Turkey saw a decline in figures at the same time last year, official data shown which was released today 23rd November. Compared to October 2016 the overall property sales across Turkey are down by 5.7% according to data from the Turkish Statistics Institute (TÜİK).
Taking the lead again is Istanbul; this city really is a hot spot for investment and continues to prove popular with 1,321 property sales to foreign buyers in October. In second place is the ever popular city of Antalya in the Mediterranean with 465 units sold and in the northwestern province of Bursa 121 units was sold and Yalova had 108 sales. The Aegean province of Aydin saw 93 properties sold.
The top foreign buyers were Saudi Arabians who topped the list for most foreign property sales and they bought the grand total of 528 properties in Turkey during the month of October. In second place were the Iraqis who bought 344 units, third are the Azerbaijan’s bought a total of 278 properties, fourth saw the Kuwaitis investing in 154 units and in fifth place the Russians bought 125 Turkish homes during October alone, all the data has been supplied by (TÜİK).
Throughout Turkey the total property sales in October are down by 5.7% with 122,882 unit sales. Istanbul comes out on top again with 17% of the overall property sales with the capital Ankara coming in at second place and the much loved Aegean province of Izmir being third. The eastern provinces didn’t fare so well seeing the lowest property sales in Hakkari with only 8 units sold, Ardahan had 15 property sales and Sirnak came top with 38 house sales.
According the official data released by Turkish Statistics Institute (TÜİK) during October the amount of mortgaged property sales fell throughout Turkey to 38,593 which is a hefty drop of 19.8% compared to the same month of last year. Therefore the figures clearly show that mortgaged property sales had a 31.4% share of all the property sales across the country.
Foreign buyers are still investing in Turkey due to the affordability of luxury properties in the Aegean and Mediterranean and the cosmopolitan cities of Istanbul, Bursa and Yalova. These investment properties offer excellent rental potential by way of letting the property out not only during the summer season but the winter too as the weather in Turkey is favourable throughout the year. Holiday makers flock to the coastlines of the Aegean and Mediterranean for their annual summer retreat and bask on the beaches to top up their tans. The cities of Istanbul, Bursa and Yalova are popular for permanent living and city breaks.