Real estate sale in Turkey - October 2020

The recovery in the number of real estate sales to foreigners in Turkey continues for the fourth month in a row after a difficult period in the country due to the fight against the Coronavirus. The month of October 2020 witnessed a noticeable increase in the number of sales to foreign nationals with very encouraging numbers and percentages.

In this article, we will look at several official statistics provided by the Turkish Statistical Institute in Turkey, with an accurate analysis of these statistics, and expectations of the size of real estate ownership for foreigners in the coming months.

Good follow-up, we wish you

A new increase in real estate sales to foreigners in Turkey

• New numbers are increasing for the purchase of a real estate in Turkey by foreigners. The Turkish Statistical Institute recorded the sale of 5,331 properties in Turkey to foreigners during the month of October of 2020, achieving an increase of 66% over the statistics of the same month of 2020, which amounted at that time to 4,311 properties.

• The total real estate sales to foreigners in Turkey from the beginning of 2020 until the end of October of the same year amounted to about 31,797 properties, although this number was less than the number of real estate sales to foreigners in Turkey in the same period of 2019, which amounted to 36579 properties, meaning that the difference between them is about 07% While the difference in the statistics for the first nine months of 2020 and 2019 was about 17.98%.

 

We have mentioned many details in the September 2020 statistics of real estate sales to foreigners in Turkey.

That is, the month of October made progress of 91%, which means that the final statistic for the year 2020 may be very close to the statistic of 2019 for real estate sales in Turkey to foreigners, which means that the Turkish real estate sector can recover quickly from the remnants of the Corona crisis.

Average real estate sales per day

The average purchase of a real estate in Turkey by residents of foreign nationalities per day is what is shown in the following table:

 

Time period	The average number of Turkish real estate sales to foreigners per day
October 2020	172 Properties per day
October 2019	139 Properties per day
From January to October  2020	105 Properties per day
From January to October 2019	120 Properties per day

This statistic alerts us to the significant increase in the average number of real estate sales in October 2020, which increased from its counterpart in 2019 by about 33 properties per day, an increase of 23.7%. Also, the rate of daily sale of Turkish real estate to foreigners during the month of October 2020, above the arithmetic average.

Daily sales during the first ten months of the same year amounted to about 63.8%, which is a very large increase, especially if we compare it to the natural rate of increase in sales today in October in previous years, which was approximately 16%-14%.

Most foreigners buy real estate in Turkey

We will delve into more details of real estate sales in Turkey according to the most Turkish nationalities, which are as follows: During October 2020 the following statistical data was recorded the month October 2020:

Country	Number of properties sold to them in Turkey
Iraq	909
Iran	849
Russia	400
Afghanistan	225
Kazakhstan	213
Kuwait	210
United Kingdom	202
Germany	159
Jordan	144
Azerbaijan	137
Palestine	125
Yemen	125
Egypt	109
United States	104
Lebanon	99
Libya	84
Ukraine	83
Sweden	71
Sudan	69
Qatar	68
Other countries	946

 

From January to October 2020

During the period from the beginning of this year until the end of the tenth month of it, the following statistic was recorded:

Country	The number of properties sold to them in Turkey
Iran	5565
Iraq	5074
Russia	2295
Afghanistan	1502
Azerbaijan	1020
Germany	1006
Kuwait	921
Yemen	894
United Kingdom	878
Kazakhstan	877
Jordan	853
Palesitne	752
Egypt	613
Ukraine	598
Lebanon	566
Libya	512
United States	431
Sweden	414
Sudan	279
Qatar	373
Other countries	6374

 

Turkish states preferred by foreigners

Real estate sales figures for foreigners in Turkey are the ones that most accurately determine the states they want for stability and real estate investment, and we have prepared accurate statistical details of real estate sales in the Turkish states based on the data of the Turkish Statistical Institute - Turkstat 

During October 2020 

during the tenth month - October of the year 2020. The following statistical data:

The number of real estates sold to foreigners in the state	The state
2458	Istanbul
928	Antalya
347	Ankara
187	Yalova
186	Bursa
175	Mersin
124	Muğla
123	Sakarya
116	İzmir
109	Samsun
578	Other states

 

From January to October 2020 

During the first ten months of 2020 the following statistical data was recorded:

The number of properties sold to foreigners in the state	The state
14424	Istanbul
6053	Antalya
2176	Ankara
1008	Yalova
1068	Bursa
994	Mersin
613	Muğla
678	Sakarya
731	İzmir
698	Samsun
3351	Other states

 

Other real estate statistics during October 2020

Here are some other statistics for real estate sales in Turkey in October 2020 that we mention to illustrate a more comprehensive picture of the real estate market in Turkey during this month:

Statistic	October 2020	October 2019	Percentage change
Total real estate sales in Turkey during October 2020	119574  Real estate	142810 Real estate	-16.27%
New real estate "sold for the first time"	36976 Real estate	50181 Real estate	-26.31%
Used real estate "sold more than once"	82598 Real estate	92629 Real estate	-10.83%
Real estate sold by mortgage	25566 Real estate	50411 Real estate	-49.28%
The percentage of real estate sold to Arabs in Turkey	4.46%	3.02%	+1.44%

 

Readings about the October 2020 statistic

After we reviewed the accurate statistics provided by reliable Turkish government sources, now comes the role of reading the implications of numbers, ratios, and statistics that the real estate market witnessed in Turkey during October 2020, and the editorial team at Fanar Realty has prepared the most important paragraphs that deserve to be considered and their implications:

The Iraqis are on top again

The past three years witnessed a clear lead in real estate sales accomplished by Iraqis in Turkey compared to the rest of the Arab and foreign nationalities in Turkey, but with the start of 2020 and coinciding with the Corona crisis in Turkey, Iraqis fell to second place in front of a significant increase in real estate sales to Iranians in Turkey, and this is what we launched Previously, "a race between Iraqis and Iranians to own property in Turkey." 

But this month represented a real recovery in the volume of real estate sales in Turkey for the Iraqis, who acquired 17.05% of the total real estate in Turkey sold to foreigners during this month.

And given the percentage of Turkish real estate sales to Iraqis during the first ten months As of 2020, it has reached 5074 properties, at a rate of 15.96%. In the same context, Iraqis in Turkey obtained 16.52% of the total real estate sales to foreigners in Turkey during 2019, as well as 20.49% of the total real estate sales to foreigners in Turkey during 2018.

 

Arabs are the most foreign owners of Turkish real estate

Arabs in Turkey occupy 10 ranks among the twenty most foreign countries whose citizens own real estate in Turkey, and they have a difficult number in fact. In October 2020, Arabs bought more than 1,950 properties, i.e. an average of 36.58% of the total real estate sales to foreigners. 

This percentage is not considered sufficient, especially if we compare it with the high rates of real estate ownership in Turkey by Arabs in the past years, and the reason for the decline in the percentage is likely to:

• Corona crisis in the first degree

• The dependence of many Arabs in Turkey on buying luxury real estate with large areas, and not only on numbers, for example, the largest German family, for example, wants to buy a property in Turkey whose number of members is between 2 to 4 people as a maximum, while Arab families range in the number of members Between 4 and 7 is an average.

• The percentage of Saudis, Emiratis, Bahrainis, and Egyptians buying real estate in Turkey has decreased

• Some of the obstacles that the Lebanese face in obtaining financing from Lebanese banks in order to buy a property in Turkey

• Some Arab nationalities fear instability in Turkey, so they tend to rent more than their own real estate.

• The lack of knowledge of many members of the Arab communities about the Turkish real estate laws that encourage owning a property in Turkey

Why do foreigners prefer Istanbul real estate?

Istanbul has a special attraction not only in terms of real estate ownership, but also in all areas of investment, study, and residence in Turkey, so Istanbul always tops the list of the best Turkish states for life, stability, and work, and the percentage of real estate sold to foreigners in Istanbul compared to the total real estate sold to foreigners in Turkey is about 46.11% in October 2020, Istanbul's proportion of 45.36% of the total real estate sales to foreigners during the first ten months of 2020 In a related development, the percentage of real estate sold to foreigners in Istanbul during October 2020 compared to total sales in Istanbul was about 11%.

The future of real estate ownership in Turkey 2021

We have mentioned in previous reports that the recovery of the real estate market in Turkey is in the months of October and November of each year, and it is expected that during the remaining two months of 2020, the number of real estate sales to foreigners in Turkey will not be less than the 8,500 property limit in the two months together.

That is, the expected total number of real estate sales until the end of 2020 will be at the lowest estimates of 39,000 properties, and thus this sector can maintain a small difference between the number of homes in Turkey that were sold to foreigners during this year compared to the previous year, and this difference is natural due to what the virus has caused Corona suspended many economic activities, not only on the real estate level, and not only on the Turkish level. It was a global pandemic and had a great impact, a very large part of which was corrected in the past few months.

 

Fanar Realty.Your first real estate advisor in Turkey

Fanar Realty Company is always happy to communicate with you, especially if you need any real estate advice, or to inquire about the latest real estate laws, and developments in the real estate market in Turkey. 

In addition, we are ready to provide our services to you to have an ideal real estate ownership experience in Turkey. You can view the list of our real estate offers in Istanbul, and contact us for more information, to book the offer, or for any inquiries, you would like to ask. 

 

Sources: Turkish Statistical Institute - Turkstat