Real Estate Value Increased: $400,000 Regulation on Residential Sale to Foreigners

Görkem Öğüt, Founder Partner and General Manager of Endeksa, stressing that the price for home purchase for citizenship was reduced from $1 million to $250,000, said, “Turkey's agenda for housing we see that an arrangement is made due to the increase in prices. To understand this effect, looking at foreign housing sales figures in 2013, the total sales of 12 thousand 181 in 2017 increased to 22 thousand 234. Not counting the decline in 2016, 250 thousand dollars sales that were continuing with a certain upward trend ahead of the change. When we look at the law change in 2018 and later, there were 39,663 sales in 2018, 45 thousand 483 sales in 2019. In 2020, the figure fell to 40 thousand bands in 2021, breaking a record of 58 thousand He reached 576. We will see the impact of this arrangement all together.”

In 2021, there were 1 million 492 thousand housing sales across Turkey

According to TÜİK statistics, Turkey's sales of housing to foreigners in 2021 were 58,576, adding that “As of 2021, the number of housing purchased by foreigners was the previous rose 43.5 percent compared to the year. There appears to be an increase trend, but last year it was 3.9 percent of the share of housing sales to foreigners in total housing sales.

Housing prices have risen in the last 1 year. According to the Endeksa data, housing prices across Turkey have risen by 127% in the last 1 year and 206% in the last 2 years. One of the important reasons for this increase is the increase in construction costs. According to TÜIK's current data, the cost index of building construction increased by 87.91% compared to the same month of the previous year. In addition, the material index increased by 110.44% and the labor index by 41.29% compared to the same month of the previous year.

The most residential sales to foreigners are Istanbul, Antalya and Ankara

The most housing sales to foreigners are Istanbul, Antalya and Ankara respectively. When we evaluate the current sales data of TÜIK for February 2022, we see that the share of housing sales to foreigners in general sales is 10% in Istanbul and 23% in Ankara, 3% in Antalya.”