Turkey's real estate market 2023 ...a guaranteed investment or a risk?
After the most difficult year for the global and local economy passed on various economic sectors, activity returned again in the past year to Turkish real estate sales to foreigners, as of early 2021, amid expectations of achieving a record by 2022.
The demand for real estate in Turkey by those wishing to invest in real estate or foreigners who want to own a property to obtain Turkish citizenship is great and noticeable.
Some specialists in the field of marketing, development and real estate investment believe that the boom in the Turkish real estate market was reflected in the prices, pointing out that the high prices made investors turn to this profitable market, and thus the percentage of requests for real estate investment in Turkey increased, especially in Istanbul.
Turkey real estate market statistics for 2021
According to the statement of the Turkish Statistics Authority, real estate sales to foreigners in Turkey achieved a continuous rise during the period between 2013-2020, reaching 220,351 properties by the end of last year.
She pointed out that despite the effects of the Corona epidemic on all aspects of life, including the economy, foreigners continued to buy real estate in Turkey, where they bought 40,812 properties.
The data of the Turkish Statistics Authority also showed that real estate sales in Turkey recorded the second highest peak ever, with one million and 492 thousand sales.
The authority pointed out that the record number of real estate sales in 2020 amounted to 499,316 homes.
Istanbul topped the Turkish cities in selling the largest number of homes with 276 thousand and 223, accounting for 18.5 percent of the total sales in the country.
As for real estate market statistics in 2021, Turkey topped the European countries in selling the largest number of real estate during 2021, at about 1.5 million, and the closest European country that recorded the sale of 1.3 million housing units is Britain.
During the period between January and November 2021, the total real estate sale transactions in Turkey amounted to 2,768,262 transactions, according to state media.
On the other hand, the Turkish Statistics Authority revealed, in mid-November, figures and statistics related to real estate sales to foreigners in the country, which showed a remarkable growth during the first ten months of this year, while the owners of the sector aim to earn 10 billion dollars, by the end of year 2021.
During the period between January and October 2021, the total real estate sales to foreigners amounted to 43,372 properties, with a growth rate of 38%, compared to the same period in 2020.
The lead in real estate sales in Turkey
In terms of types of real estate, the sale of apartments topped the list of Turkey’s real estate transactions during this period, with a million and 231 thousand and 524 transactions, followed by land transactions with 482 thousand and 845, then agricultural fields with 731 thousand and 825.
As for the Turkish states, Istanbul, as usual, topped the list with 354 thousand and 25 transactions, followed by Ankara 192 thousand and 505, and then Izmir with 134 thousand and 972.
It is worth noting that during the last 8 years, Istanbul topped the list of Turkish states selling real estate to foreigners, with a rate of 83 thousand and 815.
In second place, Antalya was ranked by 51,845 properties sold to foreigners, during the same period, followed by the Bursa with 11,895 properties.
In terms of the nationalities of foreigners who bought properties in Turkey, the statistics of the Turkish real estate market indicate that the Iraqis came to the fore during the period between 2015-2020.
The Iranians came in second place, with 18,464 properties, followed by the Saudis with 13,540.
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