Real Estate Preferences of Foreigners in Turkey
Turkey is a popular destination for foreign investors. It has the potential for international investments in the real estate sector. With its location and natural beauties, it attracts visitors from abroad. Foreigners buy real estate from Turkey, both for residence and for investment. Real estate sales to foreigners are increasing every year.
In the first quarter of 2020, real estate sales were mostly made to Jordanian investors. Other foreign investors who invested the most are from Palestine, Saudi Arabia, Dominica, Iraq, Qatar, Afghanistan, Egypt, Iran, and the United States.
Iranian investors were the ones who invested the most in housing. Iraq, Russian Federation, Afghanistan, Palestine, Yemen, Azerbaijan, Germany, Libya, and China came after Iran.
Reciprocity Act, international promotions, and projects produced for foreign investors led to the increase of foreign investment in real estate in Turkey. Besides, in Turkey, real estate investment is the easiest and most profitable investment tool in the long run. In the real estate market, which is a low-risk investment instrument, the purchased real estate can be held for investment, rented, or used by the investor himself. With a very short depreciation period, real estate is a favorite of foreign investors.
Istanbul is unsurprisingly the number one choice for investors. After Istanbul, foreign investors invest the most in Antalya, Bursa, Yalova, Ankara, and Aydın. In the housing sales to foreigners, Istanbul took the first place in September 2020 with 2370. Istanbul was followed by Antalya with 1018 house sales, Ankara with 347 house sales, Bursa with 239 house sales, and Mersin with 191 house sales. 3388 housing sales, corresponding to 64% of the total sales, took place in Istanbul and Antalya.
Istanbul, which is the most popular among foreigners, attracts attention from all countries of the world. In September, there was a 23.2% increase in housing sales to foreigners compared to the same period of the previous year. Real estate investments made in Istanbul provide a great profit in a short time. The shortest depreciation periods belong to Esenyurt and Beylikdüzü districts.
In Antalya, the construction of fully furnished homes with pool and security was increased in recent years. The sector focuses on these home models, which are popular with foreigners. These projects enable tourists who prefer the city during the summer months for vacation purposes to have a longer vacation in the city. Housing sales, which were 744 to foreigners in September last year, increased by 36% this September.