EU investors make up 40 percent of foreign purchases in Turkish real estate market

DAILY SABAH
ISTANBUL
Published
The Varyap Meridian towers is seen in Ataşehir on the Asian side of Istanbul in this September 4, 2012 file photo. (Reuters Photo)
The Varyap Meridian towers is seen in Ataşehir on the Asian side of Istanbul in this September 4, 2012 file photo. (Reuters Photo)

The interest of investors from the European Union is increasing in the Turkish real estate market as EU citizens make up 44 percent of the total 140,832 foreigners who have invested in Turkey by purchasing houses and land in a total worth of 18 billion Turkish Liras ($4.9 billion).

The General Directorate of Land Registry and Cadaster of Turkey has shared a report related to the amount of real estate properties purchased by foreigners in the country.

Since 2012, when an amendment removed the reciprocity condition in the sale of real estate properties to foreigners, the number of foreigners investing in real estate in Turkey increased.

The total number of foreigners who acquired real estate properties reached 140,832 in the republic's entire history, with 119,280 houses and offices, and 11,145 plots and lands sold to the foreigners.

Almost two-thirds of these purchases came after 2012 as 92,938 foreigners had bought 85,410 houses and offices and 7,167 plots and lands in exchange for TL 16.5 billion.

According to the report, 12,989 Iraqis, 10,491 Russians, 7,159 Brits, 7,111 Kuwaitis and 6,342 Saudis were the leading nationalities in foreign investors after 2012. This was both due to Turkey's proximity to the Middle East and its status a safe haven in the region, and the reciprocity condition was preventing foreign investors' purchases who are from markets where the Turkish demand is low.

With 31,113 investors since 2012, Antalya appeared to be the most preferable area for foreigners' real estate property purchases, which was followed by Istanbul (25,392), Aydın (6,955), Bursa (4,920), Muğla (4,769) and Yalova (4,363).

The demand of EU citizens for housing and business in Turkey are increasing day by day. Until now, 62,046 investors from EU countries have purchased real estate properties in Turkey.

The biggest demand from EU member countries for housing and land investment in Turkey came from the U.K. with 24,456 investors, which was followed by 9,832 from Germany, 4,494 from Denmark, 4,454 from Sweden, 4,146 from Belgium, 4,087 from Holland, 3,739 from Ireland, 2,170 from Finland, 1,051 from France and 821 from Greece.

The number of investors from the U.S. also reached 1,290 people, who bought a total of 1,152 houses and 271 lands.

The General Directorate of Land Registry and Cadaster of Turkey is planning to establish its representative offices all over the world, and aims to increase foreign investments in Turkey.

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