Real Estate Sold to Foreigners in Turkey Broke a Record in 2021Wed, Feb 9, 2022 12:00 AM
The second highest peak of all time was observed in real estate sales across Turkey with 1 million 492 thousand units in 2021. With this figure, Turkey became the country with the highest number of housing sales in Europe.
While real estate sales to foreigners broke a record with 7841 units in December, foreigners bought one out of every five houses sold in Antalya. Only 12,384 houses were sold to foreigners in Antalya in 2021.
In 9 years, total house sales to foreigners in Antalya reached 64,229. Seref Saglam, Chairman of the Antalya Chamber of Real Estate Agents, said that Turkish citizens now have difficulty in buying housing, and foreigners show great interest in the depreciation of TL.
Istanbul Ranks Number One in Real Estate Sales to Foreigners
In December, Istanbul took first place in housing sales to foreigners with the sale of 3,300 houses. The number of house sales to foreigners in Istanbul, which was 19,175 in 2020, increased to 26,469 in 2021.
In 2021, the share of foreigners in total house sales in Istanbul was 9.6 percent. This rate was 7.2 percent in 2020. In the 9 years between 2013-2021, total house sales to foreigners in Turkey was 278,927.
Besides Istanbul, many other Turkish cities are on the agenda of foreigners who are planning to invest in Turkey.
The Share of Real Estate Sales in Current Account Deficit Financing is Really High
According to the Turkish Central Bank data, the inflow of money to Turkey from real estate purchases by foreigners was 5 billion 157 million dollars in 2021.
Considering that the net direct investment inflow to Turkey was 6 billion 282 million dollars and the current account deficit was 10.8 billion dollars in this period, it is seen that real estate has a high share in total net direct investment and current account deficit financing.
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