Sharp Decline in Foreign Property Sales Reflects Market Challenges and Opportunities
According to the Turkish Statistical Institute (TÜİK), property sales to foreigners in Turkiye decreased by 45.1% in June compared to the same month last year, totaling 1,440 units. This figure represents 1.8% of total property sales. From January to June, foreign property sales dropped by 45.7%, amounting to 10,461 units.
Top Cities for Foreign Property Sales: Antalya, Istanbul, and Mersin
In June, the most popular cities for foreign property buyers were Antalya, Istanbul, and Mersin. Antalya led the way with 593 sales, followed by Istanbul with 478, and Mersin with 116. The appeal of these cities can be attributed to their favorable climate, tourist attractions, and high quality of life.
Foreign Buyers by Nationality: Russians, Iranians, and Ukrainians Lead
Russians, Iranians, and Ukrainians were the top buyers of Turkish properties in June. Russian nationals purchased 332 properties, Iranians bought 156, and Ukrainians acquired 102. Factors such as Turkiye’s living conditions, investment opportunities, and various incentives have made it an attractive destination for these buyers.
Causes of the Decline and Future Outlook
Several factors could explain the sharp decline in foreign property sales. Global economic uncertainties, fluctuations in exchange rates, and travel restrictions may have dampened foreign investors’ interest in Turkiye. Additionally, rising real estate prices and economic volatility in Turkiye could have contributed to this decline.
Despite these challenges, Turkiye’s real estate market continues to offer attractive opportunities for foreign investors. Ongoing projects, urban transformation initiatives, and new housing developments are likely to maintain foreign investor interest, especially in cities like Antalya, Istanbul, and Mersin.
Conclusion
The decline in property sales to foreigners in June highlights the challenges facing Turkiye’s real estate market. However, the country’s investment opportunities and living conditions continue to attract foreign interest. Future regulatory measures and economic improvements may help boost foreign property sales in the coming months.
Developing strategies based on these data points will be crucial for understanding the future of Turkiye’s real estate market and attracting foreign investors.
Source: Emlakdergisi / Prepared by Irem Yildiz