Financial and business news from Bulgaria

Increased interest in buying property in Turkey among foreigners

Turkey's home sales to foreigners marked a significant increase following the abolition of coronavius restrictions and normalisation of the situation, according to data from the Association for Promotion of Real Estate Investment.
In September alone, foreigners bought in Turkey 5269 homes. In the first nine months of this year /January-September/ the total number of purchased properties was 26 165, BTA reported.

Compared to August, sales increased 35.3 per cent and compared with September 2019 by 26.1 per cent, the statistics showed.

This is times more than the period of restrictions due to the pandemic in March, April and May, when only 790 homes were bought. Then the lowest level in the last seven years of foreigner-bought properties in Turkey was recorded.

The most dwellings in September were sold to citizens of Iran - 908 pieces, followed by those from Iraq /826/ and third were citizens of Russia with 448 properties bought.

In the first quarter of 2020, i.e. before the pandemic, Iranians acquired 4165 properties in Turkey, Russians with 1895, Afghans with 1277 and Azerbaijani with 711.

The construction sector was among the most negatively affected during the period of constraints due to the pandemic. The government's proactive measures and banks' low-interest loans for home purchase, however, have revived and energized the industry, acquaintances share.

The trend is expected to continue in the last quarter of this year and the construction sector will end the year with over 40 percent increase in sales, the experts add.

Istanbul remains a favorite for foreigners. By September inclusive, 11,966 homes were bought in the megacities by foreign citizens. September marks a peak with 2370 homes sold to foreigners.

After Istanbul the most preferred is Antalya, where 1018 real properties were sold in September. Bursa followed by 239 and Yalova with 168.

Given the increased interest of foreigners in housing construction in the country, the Turkish Ministry of Environment and Urban Planning plans to open representative offices in 12 countries - Germany, Great Britain, Greece, Austria, the Netherlands, Denmark, Norway, Russia, Belgium, Qatar and Azerbaijan, as well as and in countries with Turkic populations.


Related news