A Record in Housing Sales to
Foreigners is Expected in 2021

The president of the Association for the Introduction of Real Estate to Foreigners said  “according to our predictions, we will achieve a new record in 2021 for the sale of real estate to foreign nationals”.

Noting that the sale of housing to foreigners is one of the most important aspects of direct investment, he said: "Currently, out of every 100 direct investments in Turkey, 70 are made through the sale of real estate."

Akbal stated that the housing sales to foreigners increased by 24.9%  in the first 5 months compared to the same period of last year and reached 15 thousand 740 housing units, "There is an increasing trend graph. We see that the trend has raised continuously in the last 5 years.

He said we closed last year by selling over 40 thousand housing units. While breaking records each year. Only last year, there was a 10% decrease due to the epidemic."

Akbal said that while there was only a 10% decline in housing sale was seen in Turkey, losses of up to 70% were seen in the markets that are seen as competitors in the real estate market.

"We were positively differentiated in this process. This situation distinguishes us positively both for this year and for the next year. By the end of 2021, certainly, the improvements in Covid-19 will also have an impact. We expect an income of 7 billion dollars again. We think that we will push 50 thousand on a number basis. Our record so far has been 45 thousand 483 dollars. We can renew a new record in sales to foreigners."

Omer Faruk Akbal mentioned "Iranian, Iraqi and Russian citizens are among the top buyers of property in Turkey.  Iran came first in the list, followed by Iraq and Russia.  Chinese nationals have also been on our list of buyers since last year. They can easily gain from their investments in Turkey.

Obtaining Turkish citizenship of a neighboring country with less capital than before and also the possibility of foreign exchange investment through property purchase were two important factors that most of the foreign citizens preferred to buy a house in countries such as Turkey. That is why there is rapid growth in the real estate market of Turkey.

Also, after the tightening of the laws related to the extension of Turkish tourist residence permits, obtaining a Turkey residence permit by buying property has become one of the best ways to obtain residency and preserve capital for foreign nationals.