SALES FIGURE OF TURKEY REAL ESTATE TO FOREIGNERS BECAME KNOWN

5/5 - 171 votes

.
Revised November, 2022 – Resource, Turkey iResidence
.
.
THE MONEY RECEIVED FROM THE SALE OF REAL ESTATE TO FOREIGNERS BECAME KNOWN

Turkey iResidence – while most of the Turkish citizens cannot even keep up with the rents, the real estate purchases of foreigners in Turkey in June 2022 reached a record level.

While buying real estate has become a dream for the majority of Turkish citizens, sales to foreigners are increasing rapidly.

According to the Central Bank (CBRT) data, the net income from real estate sales in Turkey to foreigners broke a record with 1 billion 144 million dollars in June 2022.

In the first half of 2022, $ 3 billion 485 million USD was total revenue from the sale of real estate in Turkey to foreigners, in that previous highest sale of recorded $ 3 billion 651 million in the second half of 2018,. After this figure, it has reached the second highest figure seen this year.

The depreciation in TL and the practice of granting citizenship to foreigners in exchange for the purchase of real estate, while increasing the purchase of real estate by foreigners in Turkey, are also effective in price increases in Turkey.

Although it is known that bad economical administration and the foreign housing demand has increased real estate prices in Turkey and this situation makes it difficult for Turkish citizens to access housing, the ruling Erdogan government continues to encourage foreign purchases.
.

However as was quietly announced, to save the day, foreigners had not widely heard the opposition update for Application to council of state to cancel citizenship with money on 13 June 2022, that followed previous Turkish citizenship amount raised to 400 thousand dollars update on 13 April 2022.

.
.
IN JUNE SALES TO FOREIGNERS BROKE A RECORD

According to TURKSTAT data, housing sales to foreigners increased by 81.8 percent in June compared to the same month of the previous year and broke a record with 8 thousand 630 units.

In June, the share of housing sales made to foreigners in total housing sales was 5.7 percent.

The first place in housing sales to foreigners was taken by Istanbul with the sale of 3 thousand 906 houses. Istanbul was followed by Antalya with the sale of 2 thousand 534 houses and Mersin with the sale of 428 houses, respectively.

January-June period, Turkish housing sales to foreigners increased by 72.7 percent compared to the same period of the previous year and amounted to 35 thousand 383.

.
RUSSIANS RECEIVED THE MOST

According to the nationalities of the country, the most housing sales were made to citizens of the Russian Federation

In June, citizens of the Russian Federation bought 1887 houses from Turkey. The citizens of the Russian Federation were followed by the citizens of Iran with 987 houses and Iraq with 807 houses, respectively.

In January 479 purchased Turkey housing units, in February the Russians bought 509 units, the Ukrainian war began on February 24, after the purchase of housing from Turkey increased. March the number of 547, and in April rose to 1152, May to 1275, the number rose to 1887 in June.

With war, Ukrainians also increased their housing purchases in Turkey. January the purchase of housing by Ukrainians in Turkey, which was 102, increased to 301 in June.

.
FOREIGN SHARE 31.5 PERCENT IN ANTALYA

In June, 8 thousand 45 homes were sold in Antalya, while 2 thousand 534 of them were bought by foreigners. The share of foreigners in total housing sales in Antalya reached 31.5 percent in June.

While 27 thousand 998 houses were sold in Istanbul in June, 3 thousand 906 of them were bought by foreigners. The foreign share in housing sales in Istanbul in June was 14 percent.

.
CURRENT ACCOUNT DEFICIT FINANCING

While the current account balance had a deficit of 3 billion 458 million dollars in June, real estate revenues stood out as one of the effective items in current account gap for the deficit financing.

The main items in current account deficit financing were net errors and omissions, which indicate reserves and unrecorded money inflows.

.
.
.
.