As one of the highest numbers reached during this year, the Turkish National Institute of Statistics issued its monthly statistics on the number of properties that have been transferred to foreigners residing in Turkey. Fanar Realty has monitored the numbers, ratios, and statistics of this report and prepared it for you in this article with a full economic analysis of the meaning of these numbers and the future of real estate investment in Turkey based on it.

 

Monthly Statistics of Real Estate Sales - November 2020

The number of real estate sales in Turkey during the month of November of 2020 reached 5022 properties, achieving one of the highest numbers that real estate sales to foreigners reached during this year after the statistics of the past two months, despite the many obstacles and problems faced by various economic sectors, including The real estate sector.

 

Real estate sales to foreigners in Turkey increased by 24.40% compared to the statistic of the same month last year, as well as the rate of selling more than 167 properties per day. 

On a related level, this month’s statistic represents that 13.64% of real estate sales to foreigners in Turkey were completed. Signed during the last month, November 2020, and in the following paragraphs more details on this topic:

 

Most preferred states for foreigners

Istanbul witnessed a remarkable turnout in terms of foreigners buying real estate, and it captured about 48.6% of the total real estate sales to foreigners in all Turkish states, while in the same month last year, Istanbul's share was 46.9% of the total real estate sales in all of Turkey. The following is a more accurate detail For real estate sales figures in the ten states that foreigners prefer to live and own real estate in:

State

November 2019

November 2020

Change 

İstanbul 

1885

2443

+29.60%

Antalya 

825

893

+8.24%

Ankara 

218

297

36.24%+

Yalova 

110

182

65.45%+

Bursa 

128

174

+35.94%

Mersin 

57

160

180.70%+

İzmir 

85

96

+12.94%

Sakarya 

85

94

+10.59%

Samsun 

90

93

+3.33%

Kocaeli 

38

91

+139.47%

Other states 

516

499

-3.29%

Most nationalities owning real estate in Turkey

As for the foreign nationalities most inclined to own real estate in Turkey, the Iraqis, after a great competition with the Iranians, took the lead in buying real estate in Turkey among foreign nationalities, and the following is an accurate statistic showing the most 20 foreign nationalities who bought real estate in Turkey during the last month, November 2020 :

Country

November 2019

November 2020

Change 

Iraq

575

876

+52.35%

Iran

500

860

+70%

Russia

300

434

+44.67%

Afghanistan

216

203

-6.02%

Kuwait

109

202

+85.32%

United Kingdom

133

147

+10.35%

Germany

154

145

-5.84%

Yemen

109

135

+23.85%

Kazakhstan

91

124

+36.26%

Ukraine

57

105

+84.21%

Azerbaijan

91

104

+14.29%

Jordan

158

103

-34.81%

United States

71

93

+30.99%

Egypt

111

92

-17.12%

Pakistan

33

91

+175.76%

Palestine

56

88

+57.14%

Lebanon

47

79

+68.09%

China

65

74

+13.85%

Qatar

59

71

+20.34%

Sudan

23

71

208.70%+

Other Countries 

1079

925

-14.27%

Real estate sales to foreigners from January to November 2020

The levels of total real estate sales to foreigners in Turkey during the past 11 months of 2020 are still below the level they achieved in the same period last year, 2019.

The number of sales in the period from the first to the eleventh month of 2019 amounted to about 40,616 properties, while in the same period this year 36,819 properties, meaning the difference between the two statistics is still 3797 properties, i.e, the amount of decrease is -9.34%.

Of course, this decline throughout the year from The results of the emergency crisis caused by the spread of the Coronavirus in the country and the prevention measures that affected flights and foreign delegations to Turkey, and this is the main reason, but after the middle of 2020, the situation gradually began to return to normal. The following is an accurate detail in the next two paragraphs:

 

Turkish states most attractive to foreigners

The most Turkish state, as usual, is Istanbul, and during the mentioned period, it received 45.8% of the total real estate sales to foreigners in all Turkish states. Istanbul, as we know, maintains its vital, touristic, and economic position, which are certainly important factors to encourage housing in it, stability, and ownership of the real estate. 

We have prepared the following table for you to know the number of properties sold to foreigners during the past 11 months in the most popular states that attract foreigners:

State

  From January To November 2020

İstanbul 

16867

Antalya 

6946

Ankara 

2473

Bursa 

1242

Mersin 

1154

Yalova 

1190

İzmir 

827

Samsun 

791

Sakarya 

772

Kocaeli 

435

Other States 

4122

Most nationalities owning real estate in Turkey

Although the Iraqis have outperformed the Iranians in the past two months, they are still behind them by about 8% in the number of real estates owned by them

Read also: Iraqis and Iranians race to own property in Turkey, 

 

and in the following table we have prepared a detailed statistic on the number of properties sold to foreigners in Turkey during the period from the beginning of 2020 until the end of November of the same year, based on the statistics of the National Statistics Institute in Turkey:

The country

From January to November 2020

Iran

6425

Iraq

5950

Russia

2729

Afghanistan

1705

Germany

1151

Azerbaijan 

1124

Kuwait 

1123

Yemen 

1029

United Kingdom

1025

Kazakhstan

1001

Jordan

956

Palestine 

840

China 

794

Egypt 

705

Ukraine 

703

Lebanon

645

United States 

524

Pakistan 

455

Qatar

444

Sudan

350

Other Countries 

7141

 

Readings about the November 2020 statistic

After reviewing all the previous statistics, we can highlight several important readings regarding the real estate market in Turkey in light of this statistic:

 

Has the real estate sector overcome the Corona crisis?

The most frequent question during this period is whether the real estate sector in Turkey has been able to overcome the crisis of the spread of the new Coronavirus and its negative impact on real estate ownership, and the turnout of foreigners to Turkey to visit it and buy real estate, and it is clear by the numbers that Turkey has already overcome this crisis once and for all. 

Knowing that the number of properties sold to foreigners in Turkey during the year 2020 will not reach the extent it reached in 2019, but it is normal, the decline that occurred in the second third of this year cannot be completely avoided or its negative effects can be completely eliminated.

 

We all remember the setback that the real estate market in Turkey experienced in 2016 when the military coup attempt took place, which did not last more than one day, but it dated with frightening negative effects on the real estate sector and a significant decline in the number of properties purchased by foreigners in that year. 

The real estate sector, in general, did not recover until after 2018, and what we see in the Corona crisis is that the real estate market has recovered urgently, with cases indicating a new wave of the spread of Corona, but real estate laws had greater flexibility to avoid falling into any possible decline.

 

Incentives for real estate ownership in Turkey

Foreigners have many incentives that always push them to search for real estate for sale in Turkey:

  • Turkey does not reciprocate with countries that prevent Turks from owning real estate on their lands

  • Turkey grants real estate residence to any foreigner who buys residential property in Turkey

  • Turkish citizenship is also granted to those who buy a property worth at least 250 thousand dollars

  • The possibility of completing the real estate ownership transaction and extracting the title deed in Turkey online

  • In addition to this, the wonderful advantages that Turkish real estate enjoys, the advantages of Turkey in general, its increase in its attractiveness to foreigners, and the increase in job opportunities available to them, with many incentives that help to live in and settle in Turkey.

  • The real estate sector in Turkey still needs a lot of new incentives and factors, especially legal ones, and many studies indicate that the Turkish government is always planning to issue more real estate laws that increase the demand for foreigners to own real estate on its lands.

 

The future of real estate investment in Turkey

The real estate market in Turkey will likely end in 2020 with the following points:

  • The number of real estate sales to foreigners in Turkey will exceed the threshold of 40 thousand properties, with the possibility of it reaching about 42 thousand

  • The price per square meter in Turkey will increase by approximately 2-3% at the beginning of next year

  • It is expected that the percentage of real estate sold to Gulf nationals will increase by a large percentage during the next year

  • One of the things that may make a real leap in the real estate sales sector in Turkey is to allow the Syrians to own real estate on Turkish lands, as this issue is still one of the issues hindering the increase in the number of foreigners who own real estate in Turkey, especially since the Syrians constitute a large number among the numbers of foreign communities in Turkey.

Read also: Foreign nationals prohibited from owning real estate in Turkey

 

New real estate offers from Fanar Realty

Fanar Realty always launches the strongest ideal real estate offers for properties for sale in Istanbul with very encouraging specifications and advantages, in the finest residential complexes, at affordable prices for all,

 We also have a large list of real estate offers suitable for obtaining Turkish citizenship. To inquire about our real estate offers, contact us. 

 

Source: National Statistics Institute in Turkey 

Editing: Fanar Realty