Turkey’s Home Sales Report 2019
Turkey’s residential property sales in 2019 totaled nearly 1.35 million, a slightly marginal 2% less compared to sales in 2018 according to TurkStat, Turkey’s official statistics authority (Turkish Statistical Institute).
2019 total home sales figures represent a decrease of 26,669 units sold compared to the previous year. The first-time home sales recorded 37.9% with 511,682 sales and preowned home sales of 837,047 (62.1%). Sales to foreigners totaled 45,483 property transactions, up 14.7% compared to the same time last year.
Istanbul: Turkey’s Favourite City for Property in 2019
Istanbul ranks as Turkey’s favorite city and top tourist destination with home sales of 237,675 (17.6%) over the year of 2019. Istanbul property sales peaked during the summer months of July and August, with a recorded uplift in September sales stimulated by the Central Bank interest rate cut. The lower interest rates for housing loans and deposits have stimulated housing sales. Residential property sales jumped 54.4% year-on-year in November, official data showed, reflecting the lower borrowing costs after the Central Bank of the Republic of Turkey (CBRT) slashed interest rates from 24% to 12% gradually during eight monetary policy meetings throughout 2019.
The monetary easing cycle has led public lenders and some private banks to lower interest rates, including housing loan rates to encourage domestic demand and support the recovery in the economy.
In second place is Turkey’s capital city Ankara with 132,486 (9.8%) home sales and the Aegean province of Izmir recording 79,221 (5.9%) of total housing sales in 2019.
Turkey’s Foreigner Home Sales 2019
Foreign nationals purchased 45,483 houses throughout Turkey in 2019 and represent an increase of 14.7% in sales compared to the previous year. Istanbul is still Turkey’s favorite city for foreign buyers with a record of 20,857 home purchases.
In the second place, the popular Mediterranean resort town and gateway to the Turkish Rivera, Antalya, recorded 8,951 home sales in 2019 Turkey’s capital city Ankara saw 2,539 homes sold to foreign nationals, followed by the city of gardens, Bursa with 2,213 home sales to foreigners in 2019.
Turkey’s 2019 Homes Sales by Nationality
Iraqi citizens dominated Turkey’s number of foreign sales with 7,596 transactions, followed by Iran with 5,423 home sales. Russian appetite for Turkish properties saw 2,893 property transactions recorded. Citizens from the Kingdom of Saudi Arabia purchased 2,208 properties in 2019, and Afghani Nationals recorded 2,191 home sales.
6 Reasons Why Foreigners Buy in Turkey
There are several reasons foreigners are attracted to buying a property in Turkey.
With one of the most affordable paths to citizenship, Turkey offers a passport with the purchase of a property for only $250,000 USD. Terms and conditions apply, such as the property must be purchased with self-funding (no bank borrowing), paid in full, and held for at least three years before selling. The entire procedure only takes a few months, becoming a dual-national holding Turkish citizenship is a very fast and affordable reality when buying a property in Turkey. You can also look at other citizenship programs like the Turquoise card. (Read more about the Turquoise Card system.)
The Turkish Lira has depreciated significantly in the past few years. With such depreciation comes great value for money. Real estate and the costs of living and are very affordable in Turkey compared to most OECD nations. Your home currency affords you much more in Turkey, and as a result, higher standards of living can be enjoyed for less.
Turkey’s strategic location between Europe and Asia has paved the way for the world’s largest airport, the new Istanbul International Airport (IST). Built on the European side of Istanbul, phase one is now open and operating flights. The new Istanbul International Airport will have the capacity to welcome two hundred million passengers and hold the title to the world’s largest airport upon completion of the final phase of construction.
Turkey’s strategic location provides the convenience of Europe within a few hours of flight time, with the UK and most of the Middle East a mere four hours away. With the completion of the world’s largest airport, travelers will be able to fly to more destinations than ever before. The airport expansion is forecast to increase tourism in Turkey by fifty million tourists and create tourism revenue of fifty billion dollars by 2023. (Read more about Turkey 2023 Tourism Vision plan.)
Property ownership is made for living, but it’s the great outdoors that create the opportunity for lifestyle. Many visitors come to Turkey to enjoy the diversity of the four seasons of weather. While many tourists technically have four seasons in their home countries, the ability to enjoy a white winter in the snow and a sun-soaked summer swimming in the warm Mediterranean waters are not always possible back home. It’s one of the compelling reasons Turkey attracts many tourists from all over the world, as it’s one of the few places you can enjoy skiing in the snow and swimming in the sea on the same day!
Turkey offers breathtaking scenes with a variety of landscapes in one country. From vast, deserts, to snow-capped mountaintops, turquoise seascapes, and powder-sand beaches, indescribable brilliant white terraced pools with natural hot springs, pine forests, rolling green hills, and expansive lakes that divide green mountain gorges.
6. Rich Heritage and History
Turkey is home to seventeen UNESCO World Heritage Sites, but not just any sites. We’re talking ancient grandeur cities built by empires and civilizations from thousands of years ago. And forget about browsing artifacts from behind glass displays, many of these ancient cities offer immersive experiences. Sprawling ancient cities act as walk-through archaeological sites for you to enjoy a leisurely meander throughout the same city streets as the inhabitants did thousands of years ago. Sit in the seats of the ancient theatres and experience the same view audiences enjoyed from times gone by. This is ancient history right up close and personal, and just one of the many reasons attracting tourists, and why investors are buying a property in Turkey.