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Saturday, November 18, 2017

Foreign real estate investment soars in Turkey

Foreign real estate investors are flocking to Turkey, setting a new annual high at the nine-month mark, the Turkish American Chamber of Commerce and Industry (TACCI) said Friday.

According to the Turkish Statistical Institute, there have been more than 13,600 houses purchased this year through September by international investors; in 2013, a total of 12,200 international home sales occurred.

In September alone, sales increased by 81 percent compared with September 2013. The amount of homes purchased by international parties equaled $3.1 billion, 55 percent over the $1.9 billion total the previous year.

Antalya is where a majority of the foreign home buyers are located. The massive tourist spot edged out Istanbul, the country's largest metropolis and capital. This is a continuing trend after a Turkish law lapsed regarding foreign property ownership in 2012. In 2013, international home sales were up by 15 percent as an immediate result of the change in policy.

Organizations in this story

Turkish American Chamber of Commerce & Industry

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