Foreigners buy $3 bln in properties

Foreign nationals purchased $3 billion worth of properties in the first half of this year, according to a report by Nevita International.

A total of 19,952 houses have been sold to foreign nationals in January-June of 2019, a strong 67 percent increase from 11,816 unit sales registered in the same period of the last year, showed the report which compiled data from the country’s statistics institute, TÜİK, and the Central Bank.

Property sales to foreigners are expected to hit a record 50,000 units this year. 

Istanbul, the country’s financial center and largest city, took the lead in property sales to foreigners with 8,900 units, followed by Antalya, a popular holiday destination, with 4,093 units and the capital Ankara, which saw 1,111 house sales to foreign nationals.

Data show that Iraqis constituted the largest group of property buyers. They bought a total of 3,337 houses in Turkey. Iranians purchased 2,202 units and Russians bought another 1,264 units in the first half of the year.

Foreigners spent $150,000 on average for a house they bought in Turkey, thus generating a total of $3 billion in revenues.

“Revenues from property sales to foreigners in the first half of 2018 stood at $2 billion,” said Faruk Akbal, the board chair of Nevita International, which is part of Fuzul Grup.

“In January, $493 million of revenues were generated while they were $430 million in the following month. In March and April, foreigners poured $547 million and $421 million into the Turkish house market, respectively. Revenues generated from property sales to foreigners, which stood at

$530 million, was somewhere between $500 million and $600 million in June,” Akbal added.

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