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Foreigners have bought more than 380,000 apartments and houses in Turkey in 11 years

16.04.2024
Homesoverseas.ru editorial office
423

During the period from the end of May 2012 to the end of February this year, foreigners purchased 384,519 apartments and houses in Turkey, writes Turkish Minute with reference to the Cumhuriyet newspaper. Buyers from abroad became more active after a decree came into force in 2012 removing restrictions on the purchase of real estate by foreigners.

Data from the Turkish Statistical Institute (TurkStat) showed that since 2019, the most numerous foreign buyers of housing in the country are Russians. They purchased a total of 39,172 properties. They are followed by Iranians (35,573 sites) and Iraqis (31,319 sites).

According to statistics, real estate sales to non-residents in 2023 decreased by 48.1% compared to a year earlier, when there was a boom, reaching a total of 35,005 units. This indicator is the lowest since 2017. The share of sales of apartments and houses to foreigners, which amounted to 4.5% in 2022, decreased to 2.9% in 2023. Experts attribute the decrease in foreign demand to factors such as a significant increase in dollar prices, earthquake risks and stricter requirements for obtaining citizenship and residence permit.

Recall that since mid-2022, the threshold for investing in real estate to obtain citizenship of the country has been increased from $ 250,000 to $ 400,000. In 2024, it will probably be raised to $600,000, although there is still no official confirmation of these rumors.

From October 2023, a residence permit based on the purchase of a home can be obtained only if it costs at least $ 200,000 (and not 75,000, as before). 

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1 bedroom
build area 53 sq. m
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