Foreign demand for property in Turkey declines despite overall sales rise by two percent
Turkish Statistics Institute (TÜİK) revealed on Sept. 23 that property sales in Turkey had risen by 2 percent on an annual basis in August. The institute also informed 114,751 houses had changed hands in Turkey last month, marking a 41 percent increase compared to July. Of those sales, some 1,512 were sold to foreigners, with approximately 26 percent (or 390 units) of them in Istanbul, the country’s largest city by population. This corresponds to a 26 percent decline compared to the same month last year. Following Istanbul, the holiday resort city of Antalya came in second with 370 properties, while the northwestern province of Bursa ranked third with 111. The data also revealed that Iraqis topped the list of buyers with 267 properties, followed by Saudis (173 units), Kuwaitis (155 units), Russians (117 units) and Afghans (75 units).
In overall sales, Istanbul maintained its top spot with 15.3 percent (17,503 units) of house transfers. The capital Ankara and the western province of İzmir followed with 10.7 percent (12,300 units) and 5.6 percent (6,419 units) shares, respectively.