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3,321 Turkish homes were sold to foreigners in Feb 2019

Turkey has seen 92% increase in home sales to foreigners due to citizenship scheme and affordable property prices, which attracts large number of foreigners

 

The Turkish Government has simplified and eased property rules including scraping of military clearance, thus speeding up time to register titles. Property deeds can be registered within one day.

 

Turkey introduced citizenship by investment scheme which attracted lots of interest in the middle east which only requires USD 250,000 property investment or USD 500,000 deposit in banks or just create 50 jobs.  These minimums were cut by 50% by government last year.

 

According to Invest Turkey, FDI inflows into Turkey totaled USD 13.2 billion in 2018, up 14 percent year-on-year, shows that despite all the adversities Turkey has undergone in the past two years, there has been no decrease in investor appetite in the country.

 

 

Top cities for foreigners

 

A total of 3 321 homes sold to foreigners in Feb 2019 alone highest in Turkey for the year, according to Turkish statistics office

 

  • İstanbul – 672 house sales,
  • Antalya – 672 house sales
  • Ankara – 196 house sales,
  • Bursa – 192 house sales
  • Yalova – 138 house sales.

 

Top Foreign property buyers

 

Iraq citizens bought 628 houses from Turkey in February. The followers of Iraq were Iran with 307 house sales, Russian with 236 house sales, Afghanistan with 166 house sales and Kuwait with 150 house sales.

 

Turkish real estate
Housing sales in Turkey to Foreigners in Jan-Feb 2019 – Source: Turkstat

 

House Sales for 2019 to Foreigners

Ülke
Country
Toplam
Total
Ocak
January
Şubat
February
Total 6 557 3 200 3 357
Iraq 1 233 605 628
Iran 612 305 307
Russia 431 195 236
Afghanistan 357 191 166
Kuwait 280 130 150
Jordan 276 151 125
Saudi Arabia 251 108 143
Germany 241 119 122
Yemen 240 97 143
Azerbaijan 200 95 105
Palestine 169 103 66
Egypt 165 83 82
United Kingdom 146 76 70
Libya 138 69 69
Qatar 138 73 65
Lebenon 106 45 61
Sweden 103 52 51
Ukraine 102 50 52
United States of America 83 38 45
Algeria 81 45 36
Other 1 205 570 635

 

 

Residence permits

 

Foreign Property investors are issued short term residence permits first which then converted to citizenship under the new citizenship scheme.

 

According to Ministry of Interior, as of 14th march 2019, close to 900,000 residence permits were issued to foreigners.

 

 

Turkey residence permit
Source: Ministry of Interior as of 14 March 2019

 

Iraqis, Syrians were the top foreigners holding short term residence permits as of 2017

 

Short term residence permits

 

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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