Key takeaways:
- Overall property sales in Turkey increased by 17.3% in February 2024 compared to February 2023.
- Foreign property sales decreased by 44.9% in the same period.
- Istanbul, Antalya, and Mersin were the top three regions for foreign property sales.
- Russian citizens were the top buyers of foreign property, followed by Iranian, Iraqi, Ukrainian, and German citizens.
Sales Growth and Foreign Investment:
The Turkish Statistical Institute (TUKSRAT) released data showing that property sales in Turkey increased by 17.3% in February 2024 compared to the same month in 2023. A total of 93,902 properties were sold, up from 80,031 in February 2023.
However, foreign property sales decreased by 44.9% in February 2024 compared to February 2023. Foreign investors purchased 1,846 properties in February, accounting for 1.97% of total sales in the country.
Regional Breakdown:
Istanbul was the top region for foreign property sales, with 691 properties sold. Antalya followed with 659 sales, and Mersin came in third with 151 sales.
Top Buyers by Nationality:
Russian citizens were the top buyers of foreign property in February, purchasing 395 properties. They were followed by Iranian citizens (200), Iraqi citizens (112), Ukrainian citizens (105), and German citizens (91).
Other countries in the top 10 for foreign property purchases were Kazakhstan (79), Azerbaijan (60), Afghanistan (47), England (45), the United States (43), and China (43).
The Turkish property market remains attractive to foreign investors, despite the decrease in foreign property sales in February 2024. Istanbul, Antalya, and Mersin are the top regions for foreign property investment, and Russian citizens continue to be the top buyers of foreign property in Turkey.
