Properties In Turkey
Over the last five years,almost 7 million properties have been sold in Turkey, according to Anadolu Agency (AA).
According to the report, based on statistics from the Turkish Statistical Institute (TÜIK), locals acquired 6.9 million properties while foreigners purchased 154,871 properties.
The research also revealed that between September 2015 and 2020, the year 2017 had the greatest sales. In that year,1.4 million houses were sold,while 1.29 million properties were purchased.
In 2016, 1.34 million properties were purchased, representing an increase in sales.
In 2018, and 2019,equal numbers of properties were purchased, with 1.38 million and 1.35 million residences purchased, respectively.
As banks significantly reduced mortgage rates in 2019, 1.02 million properties changed ownership in only eight months.
The majority of homes are sold in Istanbul and Ankara.
Istanbul, Turkey's largest city, saw the greatest home sales in the last five years, with 1.2 million houses sold, followed by Ankara with 720,124, Izmir with 412,488, Antalya with 313,735 and Bursa with 265,715.
In the last five years, many Anatolian provinces have recorded over 50,000 properties sold in urban centers.
The provinces of Mula, Diyarbakr, and Denizli were the top sellers.
Foreigners' interest in Turkish real estate is growing.
Foreigners have been interested in purchasing property in Turkey over the past five years, with almost 155,000 units sold.
Istanbul has been the most favorite destination for foreign buyers, with 61,734 houses sold, followed by Antalya, Bursa, Yalova, Ankara's capital, and Sakarya.
Since January 2015, Iraqis have been the leading buyers of Turkish real estate, acquiring nearly 30,000 properties. Iran, Saudi Arabia, Russia, and Kuwait followed Iraq's lead by acquiring at least 10,000 properties.
The Chinese showed rising interest in the first eight months of 2020, purchasing 575 properties and moving up to ninth place among foreigners buying the most property.
Foreign residential sales increased rapidly in the last year as a result of the high exchange rate and legislative changes that limited the minimum requirements for acquiring Turkish citizenship, allowing investors from all over the world to take advantage of this opportunity and purchase residential property in the country.
Foreigners who own real estate in Turkey worth at least $250,000 – down from $1 million – are qualified for Turkish citizenship, according to legislation announced on September 19, 2018.
According to the General Directorate of Population and Citizenship Affairs of the Interior Ministry, about 2,611 foreign purchasers became Turkish citizens a year after the modifications were applied.
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