More overseas buyers purchasing properties in Turkey

The number of properties in Turkey purchased by overseas buyers increased substantially last year, new figures show.

Recently released data from the Turkish Statistical Institute, reveals that sales to international buyers were up by 22.2 per cent compared with 2016.

The figures will be seen as hugely positive by the Turkish government, which has taken steps to encourage overseas investment in property in the past few years. Foreigners who invest US$1 million or more in Turkish real estate qualify automatically for citizenship, while overseas purchasers are also exempt from 18 per cent VAT as long as they keep the property for at least a year.

The largest number of foreign buyers of properties in Turkey came from Iraq, followed by those from Saudi Arabia, Kuwait, Russia and Afghanistan.

British buyers bought a total of 794 properties in Turkey last year, with a majority of these purchases made around the Aegean and Mediterranean coasts in resorts such as Didim, Fethiye, Bodrum and Kalkan.

Overall, the largest number of overseas property transactions in Turkey took place in Istanbul, followed by Antalya, Bursa and Yalova.

Article published 30th January 2018