According to “Destination Iran” and following the “City Realty Turkey” website, the reasonable prices and low-cost maintenance are the main reasons why lots of foreigners buy property in Turkey. Check out purchase details and types of real estate transactions here.
First, Let’s Ask This Question: Why Buy Property in Istanbul?
Istanbul is a metropolitan city in Turkey with over 15 million primarily young inhabitants. Around 250000 units are sold in Istanbul in a year.
Statistics show that the number of direct foreign investments in Turkey until 2002 was around 15 billion dollars; it increased between 2003 to 2019 to 212 billion dollars, and 229,357 properties were sold in Turkey in July 2020, which shows an increase of 124.3% compared to July 2019. Istanbul came first with a 17.2% share.
The number of Turkish real estate sold to foreigners increased by 185.3 % in June 2021, compared to the previous year in June 2020. With 2257 apartments and real estate units, Istanbul was first among all Turkish cities.
Numbers show mortgage sales increased by 900.6%; Istanbul is number one on the list with 24,000 home sales. Sixty-seven thousand nine hundred thirty-seven new constructed houses were sold in 2020 in Turkey, which shows an increase of 74.5% compared to July 2019.
Most foreign buyers bought apartments in Istanbul, which includes about 46% of total annual sales in Turkey.
With 818 apartments and real estate units, Istanbul was the top city in Turkey, with properties sold to foreigners. So, most foreigners prefer to buy property for sale in Istanbul, because of the positive features of the city.
As shown in numbers, Turkey has become a favorite country for real estate investment, and Istanbul is mainly the number one city where foreigners buy property.
Here we want to look at the main properties sold in Istanbul.
Apartment for Sale in Istanbul
According to numbers, buying an apartment for sale in Istanbul is favorable for many reasons. The prices are reasonable, and maintenance costs are low. Also, the modern and luxury style attracts many investors. And lastly, we can’t forget that this tourist city has combined history with modernity and is astonishing, so renting apartments for tourists is common.
Office for Sale in Istanbul
Anyone who wants to invest is thinking of getting the best investment return rate. Statistics show that offices in Istanbul have stable rental returns, and capital growth is seen around every corner of the city. So, buying an office for sale in Istanbul is a great investment opportunity.
Villa for Sale in Istanbul
As you know, by buying villas you get much more space compared to apartments. Villas offer more privacy, and numbers show rising prices, which is a significant investment.
Properties Sold to Foreigners in 2021
In the first half of 2021, foreigners bought 20488 properties in Istanbul and Turkey. Properties sold to foreigners increased by 43.7 % compared to 2020.
In the chart below, the top 10 countries that bought properties in Turkey in 2021 are listed.
Top Foreign Countries That Bought the Property for Sale in Istanbul and Turkey
With an 18% share of real estate transactions, Istanbul’s home sales rose by 11.5% year over year to 265,098 units.
Ankara, with a 10% share of the real estate market, the number of home sales surged 18.6% year over year to 157,095 units.
With 6% of the real estate market, Izmir home sales soared 18% year over year to 93,457 units.
Bursa took 3.7% of the real estate market; home sales increased 10.6% year over year to 55,222 units.
Antalya captured a 4.3% share of the real estate market; the number of home sales fell by 2.1% year over year to 63,898 units.
After reviewing documents about properties sold in Turkey, we see an enormous boost in real estate investment by foreigners in Turkey and especially in Istanbul, which expresses that Turkey, Istanbul is an excellent opportunity for investment in real estate.
So here we in CityRealtyTurkey have a list of the best property investments in Turkey and Istanbul for you.