Turkish home sales to foreigners up 23 pct, top buyers Iraqi

Overall housing sales increased 8.8 percent in October, with just over 104,000 sold last month. A total of 17.7 percent of all homes sold last month were in İstanbul, while an additional 16.4 percent were sold in Ankara and İzmir combined, meaning that a third of all homes sold in October were purchased in the country’s three biggest cities.

İstanbul, Antalya, Bursa, Yalova, Aydın and Mugla were the provinces where the most homes were sold to buyers from outside of Turkey. Fully 26.9 percent of homes purchased were sold on the basis of a mortgage, 48.6 percent of homes were new and sold for the first time. Following Iraq, nationals of Saudi Arabia, Russia and Kuwait were the top buyers of Turkish real estate in October. Reciprocity restrictions previously preventing buyers from a wide range of countries have been removed in the past couple of years, resulting in a flood of foreign interest, particularly from Middle Eastern buyers.

“Even if activity on the markets slows down, from the investors’ perspective, real estate is seen as a secure port. The wait and see attitude developed by investors due to political instability in September has begun to change, and expected demand is returning,” said Emre Erol, Turkey director of real estate consulting firm Keller Williams, in a statement on Monday following the release of the TurkStat figures.

“Due to the recent financial instability we experienced, payment terms have been reduced and interest has increased, resulting in a decline in mortgage sales,” Erol continued, saying that homes purchased on a mortgage basis decreased 19 percent last month year-on-year.

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