Turkey is Aiming $7.5 billion Property
Sales to Foreign Investors

“The interest of foreign property buyers in Turkey has increased in the last two years, and Turkey is in great demand from 80 countries on four continents, especially Iraq, Iran and Russia,” said Hakan Bukak, a board member of the International Association for the Promotion of Real Estate (GIGER).

With these sales, Turkey took place among the top 10 countries that made the highest amount of real estate sales to foreigners in 2020

He said, the Turkish real estate market, which expects a total of $7.5 billion in sales to foreign investors this year, is among the top 10 in the world.

The co-founder and CEO of Mars Investment Company Bucak, said that Spain, Portugal and Greece are at the top of the list, which also includes Canada, the United States, France, the United Kingdom, Italy and Montenegro.

Last year, Turkey sold more than $6 billion in sales of more than 40,000 properties to foreign real estate buyers, down from about 45,000 in 2019.

According to data released by the Turkish Statistics Institute (TUIK) on September 14, property sales to foreigners in January-August increased by 47.6% compared to the same period in 2020 and reached 30,849.

In August alone, 5,866 properties were sold to foreigners, a 50.7% increase from a year-on-year.

Istanbul sold more than 2,729 housing units to foreigners, followed by Antalya with 976 houses, Ankara with 400 houses and Mersin with 242 houses, Yalova with 233 houses,  Bursa with 206 houses, Sakarya with 129 houses,  Izmir with 121 houses, Samsun with 102 houses and the southwestern province of Mugla with 98 houses.

According to the remarks of Bucak, the vast majority of foreign real estate investors are looking to buy a house in the country, while the interest in office buildings has increased in parallel with the flow of foreign investment in Turkey.