Sales of apartments and houses in Turkey in September 2024 increased by 37.3% compared to the same month last year, according to a report by the Turkish Statistical Institute. Most of the deals were concluded in Istanbul, Ankara and Izmir.
Sales for the period from January to September increased by 5.2% compared to the same period last year.
The number of transactions with foreigners in September fell by 31% compared to September 2023, to 2022 units. The share of foreign buyers in the total volume of transactions decreased to 1.4%.
Non-residents purchased the most housing in the provinces of Istanbul (783 objects), Antalya, including Alanya (548 objects) and Mersin (210 objects).
Russians, who occupy the first place among foreign buyers of real estate in Turkey, have made 346 transactions. They are followed by citizens of Iran (163 transactions), Iraq (139 transactions), Germany (113), Ukraine (97), Azerbaijan (87), Kazakhstan (87).
Home sales to foreigners in January-September 2024 decreased by 39.1% compared to the same period last year, to 17,090 units.
The outflow of foreign buyers of real estate is due to the fact that the Turkish authorities have purposefully tightened the conditions for obtaining a residence permit through investments and not only complicated the rules for renting short-term housing. In addition, it has become expensive to live in the country. All this has led to stagnation in the markets in the resort regions, which can be used to get good discounts.
We are observing that the situation with regard to immigrants is gradually softening. It has recently become known that the authorities have simplified the rules for visitors starting a business and made it easier to hire foreigners. In addition, in some regions, migration services issue residence permits based on renting apartments in "open" areas (there have been problems with this since December 2022). Among the innovations of 2024: a digital nomad visa and a visa for startups have appeared.
The real estate community was also encouraged by the news that there was a legal opportunity for a foreigner to get a residence permit for the whole family by buying a property worth 100,000 euros for the company. However, to do this, you need to live in the country and open a business here.
Source: TUIK
