Istanbul real estate

Once again, the real estate sector in Turkey has proven its recovery in the face of the effects of the Corona pandemic, achieving more than 4,285 real estate sales during March 2021, an increase of 28.5% compared to the same month of 2020.

How much property did Turkey sell to foreigners in March 2021?

According to figures released by the Turkish Statistical Institute, foreigners achieved an unprecedented increase in the rate of demand for real estate in Turkey during the third month of 2021.

According to figures released by the Turkish Statistical Institute, foreigners achieved an unprecedented increase in the demand for real estate in Turkey during the third month of 2021.

Foreigners bought during the month of March 2021, according to TurkSat, 4,285 properties, an increase of 28.5% compared to March 2020, in which Turkey sold only 3,036 properties.

And the latest month of March has made a difference in the volume of sales to foreigners since the beginning of this year, as it was the most popular month for ownership, which raised the number of properties sold during the first 3 months of 2021 to 9992 properties. 

However, it remains below the required level compared to the year 2020, in which Turkey achieved more than 11,068 real estate sales, with a percentage difference of 10.77%.

Experts estimate that if Turkey continues with the same pace of sales in March, it will achieve sales that exceed the decline in the second half of 2020 due to the large spread of the pandemic and the closure of airspace at that time.

From the statistics that we mentioned, we conclude the following:

• Foreigners bought real estate in Turkey at a rate of 138 properties per day.
• The average purchase per hour is at least 6 properties.
• The increase in the percentage of real estate ownership in Turkey by foreigners within one month, i.e. between February and March, by 22.4%.
• 43% of the real estate sold in Turkey during the month of March 2021 was for foreigners, an increase of 10% over what was expected from sales during this month.

In the following paragraphs, we will talk about the states that received the largest share of sales and the nationalities that have come strongly to own apartments for sale in Turkey.

Distribution of real estate sales in Turkey to foreigners according to the states

Talking about the most attractive states to foreigners while buying real estate in Turkey has become associated with the privilege of Istanbul. Indeed the surprise did not materialize in this regard, as Istanbul maintained the lead. 

The increase in the percentage of foreign ownership is higher as Istanbul alone surpassed 80 Turkish states Combined.

Real estate sales in Istanbul alone amounted to half of the total number of real estate sold throughout Turkey. 

The most important reason is the great desire of foreigners to own property within the beautiful residential projects in the city and Istanbul being the beating heart of tourism, economy, and trade in Turkey.

The order of the states in which foreigners bought real estate during March is as follows:

• Istanbul sold 2119 properties, i.e. a rate of nearly half of 49.5%.
• Antalya sold 889 properties, accounting for 20.7% of the total properties.
• Ankara sold 252 properties, or 7.4% of the total real estate in Turkey.
• Mersin sold 184 properties, accounting for 5.9% of the total real estate in Turkey.
• Yalova sold 129 properties, or 3% of the total real estate in Turkey.
• Sakarya sold 76 properties, accounting for 1.7% of the total real estate in Turkey.
• Bursa sold 70 properties, or 1.6% of the total real estate in Turkey.
• Samsun sold 70 properties, accounting for 1.6% of the total real estate in Turkey.
• Mugla sold 66 properties, or 1.5% of the total real estate in Turkey.
• Izmir sold 58 properties, accounting for 1.4% of the total real estate in Turkey.

Sales in other states reached a combined 372 properties, accounting for 5.7% of the total properties sold in Turkey.

Read also: Property Turkey: 2 Time-Tested Tips for Quick Returns

Distribution of real estate sales in Turkey to foreigners according to nationalities

Foreign ownership in Turkey is as follows:

• Iran: 663 properties - 15.5%
• Iraq: 664 properties - 15%
• Russia: 419 properties - 9.8%
• Afghanistan: 302 properties - 7%
• Kazakhstan: 166 properties - 3.9%
• Germany: 142 properties - 3.3%
• Yemen: 120 properties - 2.8%
• Palestine: 96 properties - 2.2%
• Azerbaijan: 106 properties - 2.5%
• China: 100 properties - 2.3%
• Egypt: 99 properties - 2.3%
• Jordan: 91 properties - 2.1%
• Ukraine: 93 properties - 2.2%
• USA: 91 properties - 2.1%
• Pakistan: 82 properties - 1.9%
• UK: 98 properties - 2.3%
• Lebanon: 70 properties - 1.6%
• Kuwait: 49 properties - 1.1%
• Sudan: 57 properties - 1.3%
• Libya: 54 properties - 1.2%