Top 10 Regions for Foreign Property Investment – 2016
We have said before that tourism is the primary driver for sales of property to foreigners. Given that 2016 was a dismal year for Turkish tourism (with estimated losses of up to around $12 billion), we could be forgiven for thinking that ‘second home’ sales would suffer in line with this.
Turkstat (Turkish Statistical Institute) has announced that the total number of properties sold to foreigners in 2016 was 18,189, compared to 22.830 units sold in 2015. Whilst this represents a decrease of around 20%, the industry has breathed a collective sigh of relief as expectations were much worse.
It shows that, despite on-going instabilty in the social and political arenas, foreigners are still choosing Turkey as their preferred property investment destination of choice. The top 3 regions for sales to foreigners were, once again, Istanbul, Antalya (including Alanya) and Bursa. The number of units sold were 5,811, 4,357 and 1,318 respectively – combined sales for Istanbul and Antalya accounted for over 55% of all sales.
The top 10 regions were as follows:
- Istanbul – 5.811 units sold
- Antalya – 4.352
- Bursa – 1.318
- Aydin – 871
- Yalova – 822
- Trabzon – 810
- Sakarya – 657
- Muğla – 632
- Ankara – 623
- Mersin – 580