RE/MAX draws attention to the growing movement of the share of foreigners in the real estate market in Turkey in recent years. In the first half of the last year, foreigners’ property buying figures in Turkey were about seven thousand, bu in 2019 this figure raised to 13.338 as of June.
In recent years, the market share of property buying was about 4 percent, but this year this figure is tripled, to 12 percent. Those who choose Turkey to buy a house, act differently in different cities according to their budgets.
Foreigners prefer 250 thousand - 500 thousand dollars worth homes In Istanbul, whereas in Antalya, these figures range from 100 to 200 thousand dollars. After the introduction of the citizenship law, 250 thousand dollars and more worth real estate are seen to be of interest in Antalya also.
In Ankara, the prices can reach up to 800 thousand dollars. Regarding the districts where foreigners buy houses, sometimes can be surprising. While Esenyurt and Beylikdüzü are the most preferred places in Istanbul, in Antalya Muratpaşa, Konyaaltı, Alanya and Manavgat districts are preferred, which are close to the sea.
In Ankara, those with high incomes prefer Çankaya, while people with lower income buy housing from Mamak and Altındağ districts. Iraqis are among the first place in foreigners who buy residential in Turkey. Iraq is followed by Iran, Russia, Qatar, Saudi Arabia, Kuwait, Sudan and Azerbaijan.
Pakistanis are also among the top ranks in recent years. Facts such as Pakistan’s $ 600 million direct investment in Turkey, trade volume approaching 497 million dollars and commercial relations between the two countries making it attractive for Pakistanis to Turkey.
The fact that Muhammad Ali Jinnah, the founder of Pakistan, was a fan of Atatürk is another reason for preference. An interesting detail about foreigners who buy housing is that most of them are university graduates, educated and defined as intellectuals in their own countries.
Age ratio of those between 30-45 years stands out. The number of foreigners over 60 years old, who want to spend Retirement in Turkey, are not few. One of the most important details that make it attractive for foreigners is the growing trade volume in recent years.
Religious and cultural proximity, proximity to Europe and Asia, travel opportunities, visa-free entry to many countries with citizenship and ease of obtaining a visa is preferred. In Turkey, the tax exemption provided when starting a business is also a big plus.
Another factor in choosing Turkey is a cheaper and milder climate compared to European countries. Those who come from cold countries like Russia prefer to buy houses from hot cities like Antalya. Those from the warm countries are going to cities with a more mild climate like Trabzon.
