Foreigners setting sales records in Turkey's vibrant real estate market.
Official data showed Tuesday that Turkish house sales to foreigners reached the highest monthly rate in November, as a depreciation of the Turkish lira made purchases cheaper for those buying with hard currency.
The lira fell to 14.192 against the dollar on Wednesday, sparking much debate over whether the decline was due to low-interest rates or manipulations in monetary policy.
According to data from the Turkish Institute of Statistics (TurkStat), real estate sales in 2021 surpassed the annual threshold of 50,000 for the first time before the end of the year, and sales to foreign buyers surged 48.4% last month with a total of 7,363 properties, representing the highest monthly level since the data series began in 2013.
Property sales to foreigners were strong throughout the year, up 39.4% in the first 11 months to 50,735 properties, with 6630 listings registered in September alone.
TurkStat data also read that the real estate market was bustling overall in November, with total sales of 178,814, up 59% year-over-year, revealing that by far, the largest number of foreign buyers were Iranian citizens, followed by Iraqis and Russians.
Turkey's real estate market's future:
As reported by the Daily Sabah, sector representatives inclined that by the end of 2021, the industry may reach 57,000 property sales, exceeding the previous annual record of 2019, where 45,483 homes were sold to foreigners in 12 months.
This data comes amid high volatility in exchange rates after the Central Bank of Turkey (CBRT) cut its benchmark rate by 400 basis points to 15% since September. The bank is expected to cut rates again on Thursday.
Faruk Akbal, the chairperson of the Real Estate International Promotion Association (GIGDER), explained that foreigners spent an average of more than $196,000 on housing between July and September, just below $250,000; Turkey's lowest price for granting citizenship to foreigners under the Citizenship by Investment program, which has increased property sales over the past decade.
“We had set a $7.5 billion revenue target from sales to foreigners for 2022. With the latest developments, we have revised it upward to $10 billion,” Akbal added, expecting foreigners to diversify their portfolios as the dollar appreciates and stressing that improved relations with the Gulf countries will generate even more interest in Turkey’s real estate market from investors in the region.
The most popular place for house sales to foreigners in November was Istanbul, with 2,922 sales, followed by the southern resort of Antalya and the capital Ankara.
Foreigners had purchased around 40,812 properties in Turkey throughout the year, a 10.3% year-over-year decrease from 45,483 units in 2019, marking the second-highest annual figure ever.
Top nationalities purchasing properties in Turkey between January-November 2021:
Iranians purchased 8,594 properties.
Iraqis purchased 7,622 properties.
Russians purchased 4,494 properties.
Afghans purchased 2,508 properties.
Germans purchased 2,062 properties
Americans purchased 1,265 properties.
The data also showed November mortgage sales climbed 61% from a year earlier to 39,366, accounting for 22% of the total in the period.
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