Istanbul, Antalya most popular destinations for foreign home buyers

Istanbul, Antalya most popular destinations for foreign home buyers

ISTANBUL – Doğan News Agency
Istanbul, Antalya most popular destinations for foreign home buyers

Istanbul and the Mediterranean province of Antalya led the rise in the number of properties sold to foreigners in Turkey in 2017, according to a new report.

Some 8,182 sales of properties to foreigners were concluded in Istanbul last year, followed by Antalya with 4,707 sales, according to data compiled by media monitoring company Ajans Press on March 13.

Foreigners purchased a total of 22,234 properties across Turkey in 2017, a 22 percent year-on-year increase from the previous years, increasing the total value of properties sold to foreigners to $4.6 billion.

The number of property sales to foreigners was 18,189 in Turkey in 2016, a decrease of 20 percent compared to the previous year amid a range of security concerns.

Bursa, Yalova, Trabzon, Aydın, Ankara, Sakarya, Muğla and Mersin were other popular Turkish cities among foreign buyers in 2017.

Iraqis took the top place among foreign nationals, buying 3,805 units in Turkey in 2017. They were followed by Saudis with 3,345 units, Kuwaitis with 1,691 units, Russians with 1,331 units, Afghans with 1,078 units, Azerbaijanis with 942 units, Britons with 794 units, Germans with 772 units, Iranians with 792 units, and Egyptians with 587 units. 

Turkey made a series of changes to its citizenship laws in 2017 in a bid to lure more foreign capital and investment.

As a result, the government now grants citizenship to foreigners who buy properties worth at least $1 million and invest a minimum of $2 million, or foreigners who deposit at least $3 million in a bank account for more than three years.

Istanbul, Antalya, destination, foreign buyers