New Record: Highest Foreign Real Estate Purchases in Turkey
Turkish real estate market broke a record in foreign property sales with 45.483 units in 2019. Authorities are expecting a new record in 2021 with 50.000 units.
After the reciprocity principle, announced in 2012, the number of foreign property sales in Turkey has increased consistently. Since then, more and more buyers have been interested in Turkish properties for different purposes such as holidays, investment, and long-term living. Today, Turkey is a very well-known destination among international real estate buyers and investors.
After the record high foreign property sales in 2019, a new record is coming till the end of 2021. Ömer Faruk Akbal, the chairman of the Real Estate International Promotion Association, has stated during an interview that the Turkish property market is expecting a new record in foreign property sales. Foreign buyers purchased 25.310 units in the first seven months of the year which is a %64 increase compared to the same period of the previous year. And this figure is expected to reach 50.000 by the end of 2021.
Various Reasons to Buy Property in Turkey
Every single person and every nationality has different reasons to buy property in Turkey. While some buyers target having a holiday home in the Turkish riviera, some others are searching the market for a profitable investment. Let’s have a look at the reasons why foreign buyers are interested in Turkish properties.
Buying a property in Turkey as a holiday home is a very common reason among international buyers. Turkey offers a great climate and exquisite beaches for the summer holidays. When these features are combined with the world-famous Turkish cuisine and good tourism infrastructure including tourist facilities and qualified service personnel, Turkey is one of the best tourist destinations in the world.
Buyers who purchase properties in Turkey as holiday homes mostly prefer Antalya, Muğla, İzmir, and Aydın. There are plenty of holiday towns located in these cities. Belek, on the other hand, is preferred thanks to its world-famous golf courses besides its beaches and five-star hotels.
Making a profitable investment is another common reason for buying a property in Turkey. Turkish property market attracts international buyers with record-high yearly appreciation rates. According to statistics, Turkish properties gained 34,7% value from January 2020 to January 2021.
On the other hand, the Turkish property market offers investment opportunities for all budgets. Prices starting from 25.000 Euros attract buyers who want to invest with a low budget. Buyers do not have to spend millions to make a profitable investment in Turkey.
Contrary to the past, today, it is not a big deal to move to another country for living in the globalizing world. People from many countries leave their countries for education, work, healthcare services, and a better life. In this respect, Turkey is a very charming country for those who want to reside in a beautiful country with good education and work opportunities, scenic beauties, and good healthcare services. In addition, buyers prefer Turkey for the low cost of living in the country.
Today, many buyers are buying properties in Turkey to reside in the country in the long term. Turkish properties are very advantageous for these people as they can find a property for any budget in Turkey. Besides, foreign property owners in Turkey are eligible to get residence permits in Turkey when they apply with their title deeds.
Turkey also offers Turkish citizenship by investment program to buyers who purchase properties in Turkey valuing 400.000 USD. This program steps forth among similar programs in the world as it is cheaper, easy-to-get, and less time-consuming.