Real Estate sales to foreigners in Turkey up by 43.5% in 2021

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Posted by Roy Weatherby on 17 February 2022

Real Estate sales to foreigners in Turkey up by 43.5% in 2021

The Turkish Statistical Institute (TurkStat) has reported that in 2021 residential property sales to foreigners numbered 58,576, up 43.5% from 2020 and accounted for 3.9% of total housing sales in Turkey

Residential Real Estate Investments by US Nationals increased by 115%, from 658 units to 1,416 properties. According to Omer Faruk Akbal, Head of the Real Estate Overseas Promotion Association (GİGDER), most of the US investors are Muslim expats, mostly Arabs, who are considering alternative destinations having lived in the US for some time. He also indicated that non-Muslim Americans are also investing in Turkey.

Iranian nationals led with 10,056 properties, followed by Iraqis 8,661 and Russians 5,379. Germans purchased bought 2,358 houses in 2021.

November and December saw 226,503 and 178,814 in overall house sales, reflecting an increase of 60% and 113.7% year on year respectively. December sales accelerated amid low interest rates applied to boost exports and a depreciation in the Turkish lira, with mortgage sales hiking by 209.3% from a year earlier to 45,260.

The central bank cut interest rates by 500 basis points since September, leading Turks to snap up foreign currencies resulting in inflation hitting 36% in December.

In 2021 as a whole, total house sales fell 0.5% to around 1.49 million properties, with mortgaged sales down 49%.

The most popular city for real estate sales was Istanbul, with 276,223 sales, followed by the capital Ankara with 144,104 and the Aegean province of Izmir with 86,722.

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