The Turkish General Directorate of Land Registry and Cadaster has recently reported that 140.832 foreigners now own property in Turkey, with a total value of $US 4.9 billion.
Significantly, almost two-thirds of these purchases have occured in the last 5 years, a direct result of the abolition of the Law of Reciprocity in 2012. This abolition opened the doors to citizens from many countries who were previously not allowed to buy property in Turkey.
According to the report, the Top 5 foreign investing countries in the last 5 years were Iraq, Russia, UK, Kuwait and Saudi Arabia, accounting for a total of 44.092 property purchases.
With 31.113 purchases since 2012, Antalya has been the preferred investment region destination of choice for foreigners – most of these purchases have been in the popular coastal resorts, including Alanya, Side, Belek and Kemer. Istanbul was the 2nd most preferred region, with 25.392 properties, followed by Aydın (6.955), Bursa (4.920), Muğla (4.769) and Yalova (4.363).
To date, 62.046 properties in Turkey are owned by EU citizens - Brits take the No. 1 spot with a total of 24.456 properties owned. The other Top 10 EU countries were Germany (9.832 properties), Denmark (4.494) Sweden (4.454), Belgium (4.146), Holland (4.087), Republic of Ireland (3.739), Finland (2.170) France (1.051) and Greece (821).
The General Directorate of Land Registry and Cadaster is planning to establish an international network of representative offices, promoting Turkish property investment in general and to attract further investment from both established and emerging markets.