High foreign purchases of Turkish Real Estate

Statistics of the Turkish Statistics Institute showed that last September saw the sale of 5662 properties to foreigners, an increase of 155% over the same month last year, with a total purchase of 2250 properties.

Turkey made a legislative amendment last September to reduce the value of foreign-owned property and grant it Turkish citizenship to $ 250,000, provided it was not sold for three years, instead of $ 1 million previously.

According to the website of the Institute, on Friday, the Iraqis controlled about 25% of the properties bought by foreigners by 1351 houses, followed by Iranians with 538 properties, Kuwait 360 homes, compared to 160 in the same month of 2017, and after them Saudis who bought 312 drugs , And in fifth place Germans who bought 299 properties.

The Jordanians came in eighth place after they bought 199 properties, the Qataris in the 11th place with 136 houses, the Yemenis number 13 with 95 properties, followed by the Algerians with 80 properties, the Palestinians in the 15th place with 73 properties, the Lebanese with 67 properties and the Egyptians in the 17th place with 67 properties.

Istanbul topped the Turkish provinces targeted by foreigners buying property, with the sale of about 1800 properties during last September.

For the first nine months of the year, the Iraqis accounted for about 20% of the properties bought by foreigners, accounting for 4866 houses out of 24.4 thousand homes bought by foreigners in Turkey, followed by the Iranians in 2197 houses, and the Saudis in 1885 houses, followed by Russians came to 1443 properties, And Kuwaitis who bought 1408 properties, and ranked fifth Afghans with 1272 properties.

Overall, home sales fell 9.2% in September 2018 from a year earlier to 127.3 thousand, while higher interest rates in Turkey led to a drop in mortgage home sales to 11.3 thousand property, down 72% from the same month last year.

The central bank raised interest rates last month to 24 percent instead of 16.75 percent to control fast inflation, which hit 25 percent in September, the highest level in 15 years.