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Real Estate Sales to Foreigners in Turkey, at What Stage?

Foreigner Interest in Property Projects in Istanbul
Nova Property

There is a high increase in real estate sales to foreigners in Turkey in recent years

2019 January-August period, a total of 718.000 housing units sold in Turkey, this figure in 2018 January – August period was 875,000 units, and decreased by 18%.

Sales to foreigners made a significant contribution to the sector in this period

In the same period, sales to foreigners totaled 28,000 units, with 18,500 in the January – August period of 2018. So increased by 51%.

Almost one out of every two sales was made in Istanbul. While Iraqi citizens made the most purchases, Iranian citizens followed them.

Target markets are changing

While countries such as Saudi Arabia and Kuwait were prominent until 2 years ago, countries such as Iran, Afghanistan, Palestine, Pakistan and Yemen started to come to the fore for the last 2 years.

Particularly within the scope of the law granting citizenship rights to the foreigners for the purchase of real estate, the border was reduced to 250.000 USD and increased the interest from the Gulf countries where the internal confusion and embargoes were high.

During this period, China also became a prominent market

Customer behavior changes

Foreign customers now use different channels to purchase. Until 2 years ago, sales made through mainly agencies have shifted to different channels in recent years. Those who came directly through the marketing activities of the developer companies, such as those who came through acquaintances who had taken before.

There is a more investigative customer profile. They prefer the delivered projects or the projects that they see as safer.

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