Russians bought more property in Turkey than any other foreign nation in the year to May 2013, with British buyers making up the second largest group, according to the latest figures from the Turkish Environment and Urban Planning Ministry.
Between May 2012 and May 2013, 13,495 properties in Turkey were purchased by 14,599 foreigners – including co-ownership and timeshare units, which accounts for the imbalance. Russians bought 2,313 properties, Britons 1,353 and Germans 1,350, followed by Norway, Sweden, Belgium, the Netherlands, Kuwait and Saudi Arabia, respectively.
The report also revealed an escalation in the level of foreign purchases after August 2012, when Turkey abolished its reciprocity law, which meant only nations that allowed Turks to own property were allowed to buy there. The change in law meant increased the number of nations allowed to buy in Turkey to 183 from 89. While Europeans still dominate Turkey’s international market, Middle Eastern buyers expected to increase and take a larger proportion in the near future.
In terms of popularity of the different regions, Mersin in the south was most popular with foreign buyers, followed by the Aegean-side province of İzmir, which has an international airport and is home to the resort of Cesme. Third was Yalova province, located on the Marmara sea.
Turkey expects its property market to attract $300million in foreign investment over the next decade. Much of this investment will be in Istanbul, where a growing middle class and rising global status as a commercial hub are putting the city increasingly on the map.