Growing number of foreign buyers investing in Turkey’s property market

 

Recent figures from the Turkish Statistical Institute have revealed that sales of Turkish property to international buyers were up by 22.2% last year compared with 2016.

The Institute has reported that the biggest group of overseas buyers came from Iraq, followed by buyers from Saudi Arabia, Kuwait, Russia and Afghanistan. The highest number of transactions took place in Istanbul, followed by Antalya, Bursa and Yalova.

The increase in sales to overseas nationals may be due to middle eastern buyers viewing Turkey as a safe place to invest. However, the Turkish government has been actively trying to attract foreign buyers by offering citizenship to foreigners who invest US$1m (around £708,000) or more into the Turkish property market. Overseas buyers are also exempt from 18% VAT, providing that they keep the property for at least a year.

Trends from the UK

Meanwhile, according to Turkish estate agents Spot Blue, the country also continues to be popular with buyers from the UK and Germany who are attracted to locations such as the Mediterranean district of Antalya. Julian Walker, director of Spot Blue, revealed that British buyers bought a total of 794 homes in Turkey via the company last year.

General trends show British buyers tend to stick to the Aegean and Mediterranean coasts in resorts such as Didim, Fethiye, Bodrum and Kalkan.

Experts believe that 2018 will see a further boost in sales to overseas buyers after some of 2017 was blighted by terrorism, but a lack of attacks recently is seeing confidence return.

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Istanbul Turkey

Growing number of foreign buyers investing in Turkey’s property market

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