After a property in Turkey? You had better get in quick as the demand for property is rising, as are the prices!
“If you have dollars or pounds in your pocket, Turkey is an affordable place to live and property here is a very viable investment”, says Suleyman Akbay of Oceanwide Properties.
House sales to foreigners exceeded expectations during 2017, rising by a fifth on 2016 records (22.2%), according to official statistics released by TurkStat (Turkish Statistical Institute).
A total of 22,234 properties in Turkey were sold to foreigners last year. This is a great comeback on 2016 figures when foreign demand dipped over 20% amid various security and political concerns. Istanbul, Turkey’s second city, proved most popular with 8,182 sales. The coastal region of Antalya came in second with 4,707 sales to foreigners and Bursa with 1,474.
Iraqis bought the most residential properties.
During 2017, Iraqis purchased the most property in Turkey, 3,805 recorded in total. This was closely followed by Saudis who bought 3,345, Kuwaitis 1,691, Russians with 1,331 and Afghans a total of 1,078.
The Black Sea region saw a massive 155% increase in foreign property purchases compared to 2016.
According to Trabzon Land Registry Directorate, the Black Sea region experienced an unprecedented surge in foreign property purchases over the last 12 months. A total of 2,842 homes were bought by foreign nationals compared to 1,112 the previous year. Artvin, Trabzon, Bayburt, Rize and Giresun are all welcoming new foreign residents and owners, with many more expected to purchase properties this year.
“The overall increase in foreign interest in property here is proof that investor confidence has returned”, says Suleyman. “It also suggests that government incentives aimed at boosting overseas interest are working.”
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