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Turkish Property Sales to Foreigners – up 134% in October!

No less than 6.276 properties were purchased by foreigners in the month of October, a year on year increase of 134.2%, according to a Turkish Statistical Institute (TurkStat) announcement earlier today (Wednesday).

Once again, Middle-East countries led the way, with the Top 3 buyers coming from Iraq (1.439 units purchased), Iran (557 units) and Kuwait (378). Rounding out the Top 5 were Germany (341) and Russia (336).

Seemingly as always, the Top 2 preferred destinations for investment were Istanbul (2.283 units sold) and Antalya (1.160). In a distant 3rd place was the north-western province of Bursa with 448 units sold.

The last 3 months of this year have all been record months for property sales to foreigners. In August, foreigners purchased a total of 3.866 properties and up to that point, this was the highest number of properties sold to foreigners in any single month. This figure was subsequently smashed in September with 5.615 properties sold – this latest figure (for October) means that a staggering 15.757 properties have been purchased in the last 3 months alone!

For the year to date, foreigners have accounted for a total of 30.431 property sales across Turkey – this is, by some margin, an all-time high and a figure that easily outstrips the previous best year of 2015, when purchases reached a total of 22.830 units.

This comes on the back of a major resurgence in the number of tourists visiting from overseas. With record numbers expected to be announced by year end and again in 2019, the foreign property investment outlook is rather good!

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