In recent months the upturn in property sales in Turkey to foreigners is extremely encouraging. Official data reported on the 25th September showed the sales to foreign investors rose again in August as a total of 1,684 houses were sold to foreign nationals with an increase of 11.4% compared to August 2016.
Topping the buyers were the Iraqis again investing in 317 property units in August. The Saudi Arabians came in at second place buying 198 units, in third place was the Kuwaitis purchasing 135 properties and we saw the Russians buying 95 property units and the Afghans investing in 81 units. This information was taken from data supplied by the Turkish Statistics Institute (TÜİK).
Property sales to foreigners in Turkey soared 65.3% in July 2017 compared to the same period in July 2016, mainly due to the high base effect from the failed coup attempt in July 2016. A total of 1,726 properties were sold to foreigners in July of this year.
Throughout Turkey, property sales increased by 4.7% in August 2017 compared to the same month of the previous year, reaching a total of 120,198 property units sold. Istanbul is the favourite again and is considered to be the “hot spot” for investment with the highest share of property sales with 15.6% and 18,696 units sold.
The capital Ankara followed Istanbul with 12,630 units sold and Izmir which is located in the Aegean Province proved popular with 6,838 properties sold. The provinces with the least number of house sales are the eastern provinces of Hakkari with sales of just 13 units and Ardahan marginally better with 16 sold units.
The Turkish Statistics Institute (TÜİK) data also showed that in August 2017 the ownership of a total of 38,743 houses changed through mortgage sales, with a 6.3% increase to the same time last year.
It is anticipated with the renewed interest in Turkish travel once again that 2018 will be a good year for tourism in Turkey and property sales. There is massive investment planned for both Istanbul and Bodrum which hopefully will entice new tourists especially the Chinese to visit and possibly buy property in Turkey. I recently wrote a Blog regarding the following:
“Bodrum is hitting the news once again as this month Turkey’s construction Ağaoğlu Group has said it signed a letter of intent with investors from China and Hong Kong to build a 12 million square metre tourism city in the Aegean resort of Bodrum. In a statement issued on 15th September, the Ağaoğlu Group said the tourism city, which will be Europe’s largest when it is completed, will include golf courses, hotels, residences, villas, university campuses, offices, a techno park and health facilities”.
Usually Chinese tourists visit Cappadocia and Pamukkale however hopes are that Istanbul and Bodrum will see an influx of visitors from both China and Hong Kong and the tourists that the Turkish Government are hoping to lure is 1 million from the Far East, hopefully, they will purchase holiday homes too!