Based on data provided by Turkey Statistical Institute, number of house sales to foreigners in May 2019 reached the highest figure in the country’s history.
Last year, house sales to foreigners had increased by 40 percent as compared to previous year. In May 2019, house sales went up by 62.5 percent as compared to same month last year and reached the figure of 3,925 units. Thus number of houses sold to foreigners was recorded as 17,263 during the first 5 months of the current year.
It is no secret Turkey has recently been one of the main attraction centers as far as property investments by foreigners are concerned. In fact, Turkey broke a record in this area last year, with over 40,000 units sold to foreigners.
As will be recalled, the minimum figure for a house purchase to be granted a residence permit was reduced from $ 1 million to $ 250 thousand last September, after which “house sales to foreigners” has been breaking records, one after the other.
As this very strong demand continues another interesting development was observed in the market. It was seen that Chinese investors had climbed by more than 35 levels to rank second on the list of top buyers, in terms of square meter purchases.
Actually based on mutual agreements between Turkey and China, the Chinese government is observed to encourage Chinese investors in this direction. Just to remind, mutual steps were taken by Turkey and China recently and a target of 1 million Chinese tourists was also agreed upon. On the other hand, the first place in above category belongs to Saudi Arabia.