Turkey Real Estate Sales Report 2019

According to Turkey's official statistics agency TUIK, 2% compared to the previous year (26 669 housing) by 1.35 million total residential sales took place in Turkey in 2019 with a reduction. While 37.9% of total house sales with 511.682 houses consist of newly-built buildings, 627% with 837.047 houses consist of second-hand houses. Sales to foreign buyers and investors increased by 14.7% with 45,483 houses compared to the same period of the previous year.


 

Istanbul came in first again in Housing Sales

Istanbul was the favourite city again attracts the most tourists to Turkey during the year 2019 with 237.675 (17.6%) home sales. Especially, Istanbul house sales, which reached the highest level in July and August, reached a new record level in September with the Central Bank's interest rate cut. Low-interest housing loans and deposit rates were also encouraging in the purchase of housing. Along with 8 interest rate meeting in 2019, after dropping the pace of interest rate by the Central Bank of Turkey (CBT), official data showed the increase of 54.4% real estate sales figures in November on an annual basis with the reflection of Asset Improvement. This monetary relief in the market has led public and private banks to make lower interest rates, including mortgage loans, to promote domestic demand and promote economic development. In house sales, Ankara took second place with 132,486 (9.8%) house sales, followed by İzmir with 79,221 (5.9%) house sales.
 

Housing Sales Statistics for Foreigners in 2019

In 2019, foreign investors in Turkey and an increase of 14.7% compared to the previous year with a total of 45.483 residential sales made to investors was observed. With 20.857 housing sales show that it is still the favourite city is Istanbul in Turkey for foreign buyers. Istanbul was followed by Antalya which is the pearl of the Mediterranean, with 8951 sales, Ankara with 2,539 sales, and Bursa with 2,213 sales.


Housing Sales Statistics by Nationalities of Foreigners in 2019

In 2019, Iraqi citizens in Turkey by purchasing a total of 7,596 houses were replaced first. Iraq was followed by Iran with 5,423 houses, Russia with 2,896 houses, Saudi Arabia with 2,208 houses and Afghanistan with 2,191 houses.


Reasons that foreigners buying properties in Turkey

There are a lot of reasons for being active in the real estate market in Turkey. Some of these reasons are;
 

Citizenship
Turkey is one of the most reasonable countries to apply for citizenship, which offers only a passport can obtain by purchase a property worth a minimum of 250,000 USD. When purchasing a property, the person must purchase the property by paying the entire sales price with its own budget, not through any bank loan, and undertake not to sell this property for 3 years. With this procurement procedure, which takes only a few months, they can become a Turkish citizen with a very fast and affordable price. You can also check out other citizenship programs, such as the Turquoise card.
 
Affordable Prices
With the depreciation of the Turkish lira experienced in the last few years, Turkey has become lucrative in foreign currency. For foreign buyers and investors, real estate prices and cost of living in Turkey is a much more affordable cost compared to most European countries.
 
Location
Turkey's strategic location between Europe and Asia provides to host many international projects within it. One of these, the largest airport in the world, New Istanbul Airport (IST) has started to serve with its first phase, the construction of which has been completed on the European side. The completion of the fourth phase, which is the last phase of the construction of the new Istanbul Airport, is aimed to increase the passenger capacity to 200 million. Istanbul Airport, which will serve millions, will have the world's largest airport.
 
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