Turkey - Real estate sales to foreigners pick up again

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Posted by Roy Weatherby on 5 August 2021

Turkey - Real Estate sales to foreigners pick up again

Property sales to foreigners numbered 20,488 in the period Jan-June 2021, up almost 44% from the same period in 2020.  In June 2021 sales jumped to 4,748, up 185.3% from June 2020.

The uptake is attributed to the further decline of the Lira by 8% against the US Dollar in March.

Iranian nationals topped the list of foreigners with 3,070 properties with Iraqis following with 3,019.

The President of GİGDER, the Real Estate Overseas Promotion Association pointed out in a recent interview that the 10% fall in 2020 can be attributed solely to the pandemic and that over the previous 5 years the trend has been constantly up with record breaking numbers. He said that in 2021 they expect to reach $7 billion in sales dollars again, and a new record of 50,000 property sales to foreigners in 2021, which looks now to be achievable with the performance to June.

Turkish CBI real estate sales account for a relatively small percentage of property sales to foreigners, the majority being lifestyle and/or investment purchases. Nonetheless, CBI sales are growing, and Turkey is expected to have its best year in 2021 with some suggesting that overall applications could reach more than 13,000 (main applicants).

Domestic home sales in Turkey fell in June by 29.1% to 134,731 from 190,000 June 2020 (when the government’s stimulus measures took effect) but increased by more than 100% from 59,166 homes sold in May 2021. Istanbul led the way with 25,833 homes followed by Ankara with 13,401. For the first half of 2021, home sales were down by 11.5% to 552,812, attributed to the increase.

In June 2021 mortgage sales numbered 28,878, a drop by 75.1% from June 2020, due to the rise in borrowing costs. Mortgages made up 21.4% of total property sales.

The Central Bank of Turkey reported that residential average prices rose 32.6% in Q1 2021 from Q1 previous year 2020.

According to the Turkish Statistical Institute, construction cost costs in June 2021 rose by 4.41% from the previous month and 39.56% from June 2020.

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