Turkish property sales increase by foreign buyers
In 2017, 22,324 properties were sold to foreigners in Turkey . According to the Turkish Statistical Institute, or Turk Stat, there was a 22% increase in home sales to foreign buyers.
These results have increased due to the relaxation of laws: in exchange for purchasing real estate worth $1 million or more, foreigners can obtain Turkish citizenship and international buyers have been “exempted” from paying 18% VAT on foreign property.
Foreign buyers are most interested in real estate in Istanbul and Antalya. The most popular city for purchase or investment is Istanbul, 37% of the total, Antalya – with 21%.
Investment from foreign buyers is expected to increase by 20% during 2018, meaning that more than 26,000 transactions are expected this year, representing a sales volume of US$7 billion.
The Turkish government is also expected to issue new rules on property purchases to encourage more foreigners to buy property in Turkey.
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