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Turkish sales to foreign buyers surge
19 Jun
Sales to foreign buyers in the Turkish property market surged in May, continuing the optimistic trend seen since the beginning of the year.

May saw sales to foreigners soar by 62.5% to around 3,925 units, contrasting with 2,415 units a year prior.

The Turkish Statistical Institute (TurkStat) revealed that all of the January-May period registered strong growth, with purchases from foreign buyers climbing 77% - from 9,756 to 17,623.

Despite overall sales not recording the same positive results, purchases from foreign buyers are not expected to decrease any time soon, and sector representatives say that this is mainly because of recently introduced incentives and legal amendments that favour foreigners.

Prior to May, the number of units purchased by foreigners stood at 3,168 in January, 3,321 units in February, 3,129 units in March and 3,720 units in April, and each registered a respective year-on-year increase of 81.9%, 92.1%, 71.3% and 82.1%.

It was also revealed that the preferred option among foreign buyers is Istanbul, being the country’s most highly populated city. In May, residential property sales to foreigners in Istanbul grew exponentially – by 103%, to be precise – to 1,734, contrasting with the much less extravagant figure of 854 in May of 2018.

Following Istanbul, Antalya was a popular choice. Foreigners purchased around 850 houses there in May, while Ankara, Bursa, Yalova and Mugla were next in line; with 216, 187, 136, and 109 units sold respectively.

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