Turkey’s real estate sector has been growing in the recent years and has become the focus of foreign investors . Foreign ownership has been on the rise in recent years, especially after the repeal of the Turkish government’s reciprocity law.
Numbers Of Apartments sold in Turkey
Apartment sales in August of 2017 rose by 4.7% compared to the same month of 2016, where the number of apartments sold in Turkey in August was 120198 apartment, whereas the number of apartments sold in Turkey since the beginning of 2017 is estimated by 890430 thousand apartments compared With 826,893 apartments sold in the same period last year, so we can see an increase of 7.6%.
Istanbul has the largest share of sold apartments and 15.6% of the apartments which where sold in August were in Istanbul, the most densely populated city. Ankara is second with 10.5% of the sold apartments and Izmir By 5.7%. These cities are the largest cities in which the Turks own properties as they are the industrial poles of Turkey.
Foreigners holdings in Turkey for the year 2017
1684 apartments sold to foreigners in August and Istanbul take the lion’s share
In the latest statistics published by the Turkish Statistics Agency on the growth of real estate sector in Turkey, which was published on 25/09/2017 on its official website, the number of apartments sold to foreigners in Turkey in August of this year is 1684 apartments, which rose by 11.4% compared to the same month of last year 2016. Istanbul was the first city that foreigners owned properties in , where the number of apartments sold for the same month was 524 apartments, and Antalya comes in second place with 376 apartments sold to foreigners, followed by Yalova 103 apartments, Aydin 101 apartments, Bursa 100 Apartment and Trabzon with 99 apartments .
13005 apartments sold to foreigners since the beginning of 2017
The number of apartments sold to foreigners from the beginning of 2017, is estimated by 1,3005 apartments compared to 11934 apartments sold to foreigners in the same period within the last year, an increase of about 9%, Istanbul was the most in number, with 4534 properties sold, followed by the following cities respectively, Antalya: 2835 apartments, Bursa: 904 apartments, Trabzon: 644 apartments, Yelwa: 615 apartments, Ankara: 513 apartments, Aydin : 492 Apartment, Sakkaria: 486 apartments, Mugla: 382 apartments, Samson: 284 apartments and then 1298 apartments on the rest of the cities.
Iraqis are the most to purchase in Turkey
The number of apartments sold to Iraqis in August this year was 317 apartments, compared with 266 apartments in the same month last year. The Saudis ranked second with 198 apartments, then Kuwait with 135 apartments, Russia bought 95 apartments, and Afghanistan with 81 apartments.
In the ranking of the Arab countries which owned the most in Turkey since the beginning of 2017, Iraq ranked first (2255 real estate), Saudi Arabia (1963 real estate), Kuwait (1075 real estate), Egypt (358 real estate), Jordan (264 real estate) , Qatar (147 real estate) and Yemen with 217 real estate.
The following table shows the ranking of the countries which owned the most in Turkey in 2017:
Prices of apartments in Turkey have changed
In the monthly report issued by Reidin in cooperation with Is Bank. Turkey’s real estate price change index rose by 0.40% in August compared to last month and increased by 4.19% compared with the same month of 2016.
The rise in apartments 1 + 1 in The new projects is 0.97% , in apartments 2 + 1 is 0.22% , in apartments 3 + 1 is 0.17% and in apartments 4 + 1 is 0.78% compared with the month of August last year.
According to the Reidin-gyoder apartment price index, The price index of new apartments for the month of August in the Asian Istanbul rose by 0.71% compared to 0.23% Istanbul the European. It is worth mentioning that this indicator is for changing the prices of apartments in new residential projects only and not in the old used apartments.