The number of houses sold to residents of other countries in Turkey for the period 2013-2020 exceeded 220,000 units, reports the portal Emlakkulisi. The precise number of sold properties is 220,351 units
According to the local statistics agency TÜİK, the highest sales dynamics have been observed over the past three years. The highest indicator was recorded in 2019 (45,483 units). In 2020, due to the pandemic, this figure dropped to 40,812.
The sales stats for the previous periods:
2018 - 39,663 units,
2017 - 22,234 units,
2016 - 18,189 units,
2015 - 22,830 units,
2014 - 18,959 units,
2013 - 12,181 units.
The leader in property sales in 2013-2020 is Istanbul with 83,315 sold houses and apartments. Moreover, in 2015, the city overtook Antalya, which was the sales leader in 2013 and 2014. In Antalya, which now holds the second place, 51,845 units of real estate were sold to foreigners in eight years, which is 23% of the total number of transactions.
Bursa is in third place with 11,895 home sales over the last eight years. Ankara is in the fourth place with 10,001 home sales, Yalova is the fifth with 9,354 home sales, Sakarya is the sixth with 6,352.
Aydin, Mugla, Mersin, Trabzon and Samsun have been rapidly gaining popularity in terms of property sales.
By the end of 2020, the largest number of house sales to foreigners was observed in:
The three regions with the largest number of home sales (from 2013 to 2020) are as follows:
1. Istanbul: 61% (check out an overview of current property prices here)
2. Antalya: 27.4%.
3. Trabzon: 3.7%. 
Top active foreign property buyers in Turkey over the past 6 years
For the period 2015-2020 TÜİK provides the statistics on the nationality of buyers. The most active property buyers are:
- nationals of Iraq - 33,544 units
- nationals of Iran - 18,464 units
- nationals of Saudi Arabia 13,540 units
- nationals of Russia - 12,859.
The TOP-list also includes:
- Kuwait (10,898 units)
- Afghanistan (9,143 units)
- Germany (7,209 units)
- the UK (6,391 units)
- Jordan (5,109 units)
- Egypt (3,753 units)
- Kazakhstan (3,743 units)
- Ukraine (3,711 units)
- Sweden (3,384 units).
The buyers from Yemen, Palestine, Lebanon, Libya, the United States and China were also interested in properties in Turkey.
We have already mentioned the report “Competition and Inspiration: Rethinking the future of real estate investments in Turkey”, conducted jointly by the GİGDER Association in partnership with AGS Global.
However, we have not covered some characteristics of the buyers.
- So, when it comes to the age and profession of the property buyers, the largest share of buyers are highly qualified specialists aged 45-54: doctors, engineers, etc.
- Residents of several countries consider Turkey as the best choice of residence after retirement.
- About 10% of property buyers got a citizenship, other 10% have just applied and their applications are being processed, and 80% prefer a residence permit or stay in the country for a couple of months, which does not require additional paperwork.
That means that on average every fourth foreigner obtains Turkish citizenship.
Recent changes in investor profile
The so-called "investor profile" has changed over the years.
- Between 2019 and 2020, the key goal of 36.7% of home buyers in Turkey was to make a profitable investment. Moreover, judging by the results of the report, about 95% of those who bought both apartments in block buildings and houses or villas (90% bought apartments and 5% - detached houses) paid special attention to the fact if there is a garden adjacent to the house or apartment building.
It means that zoning and landscaping is very important for today's buyers. Especially now, with the current pandemic situation, the demand for houses and villas has sharply increased.
- According to Mr. Akbal, by the end of 2020, the average cost of a property transaction was $161,500.
- 57.2% of purchased apartments and houses were ready-to-move-in new options, 31.8% were off-plan properties and 11% were secondary housing. That is, 90% of foreigners bought newly built properties.
- 57% foreigners bought housing with basic finishing, and 32% - houses under construction.
- It is also reported that 92.7% of 410 respondents who became owners of real estate in Turkey own it for a long time. Mr. Akbal specified that this indicator is at least several years. That means that they do not buy housing to resell it in a year or two at a higher price.
- The average annual length of stay in Turkey for a foreigner who bought a home was 2.8 months or about 84 days.
- The average number of properties per investor is 1.66 units. Someone buys 3-4 apartments, someone buys one, and the average figure is 1.66.
Benefits for Turkey
Property sales in Turkey, according to the real estate expert and President of the Association for the Promotion of Real Estate Abroad (GİGDER) Farouk Akbal, is a significant source of income coming from abroad: “We sell houses to foreigners with an average value of about TL 1,000,000. To furnish the house and buy other home decor, a new owner spends around TL 200,000. And they stay in Turkey for at least three months per year. Thus, in 2020 alone, the purchase of houses and the accompanying expenses - furniture plus household expenses - brought our country about $7 billion! So, by selling housing to residents of other countries, we support several sectors of the Turkish economy at once."
Foreigners themselves, I must say, also benefit. In the majority of cases, if you do not take into account the cost of the acquired housing, living in Turkey for residents of some countries is much cheaper than at home.
The head of Özyurtlar Holding, Tamer Ozyurt, said that interest in property from buyers from America, Europe and Central Asia has significantly increased. He added that foreign investors tend to trust the Turkish construction sector more."
Sales figures have been growing, and it has been especially noticeable since the time when it became possible to arrange paperwork remotely. Property buyer now can choose, book and even buy housing in Turkey without visiting the country. Mr. Ozyurt added that more and more foreigners get a residence permit (and citizenship) by property investment. This trend became more obvious during the pandemic, when residents of Europe, America, Canada and Central Asia especially appreciated the convenience and comfort of a long-term stay in Turkey in a situation of self-isolation. So Turkish developers intend to actively promote their product in the international market, including focus on advertising in the Middle East, Africa and Central Asia.
Selman Ozgun, the head of Helmann Yapı, agreed with his colleague. He expects that very soon the market will hit records in sales and revenue. He added that Turkish real estate and especially properties in Istanbul and Antalya give a lot of benefits.
“Affordable prices, quality of life, the right to obtain citizenship, a multicultural society, a mild climate, good infrastructure, high-quality healthcare services and a very special hospitality - all this attracts foreign investors,” he said. He also added that a slight decline in sales figures in 2020 and, as he put it, a "lost record" is a purely pandemic effect. Selman Ozgun expects that as soon as the pandemic subsides, sales will noticeably grow, and Turkey will continue to attract investors from all over the world.
The target for 2023 is to exceed the $15 billion milestone
Omer Farouk Akbal recently announced that GİGDER's goal is to sell $15 billion worth of real estate in Turkey in 2023. Mr Akbal is quite confident that this goal is achievable since 83.2% of foreign property buyer are satisfied with their purchase, and interest of foreigners in real estate in Turkey is growing rapidly.
Turkey sold 1,499,318 housing units in 2020, of which 469,740 are new homes. Foreigners purchased 40,812 apartments and houses. Check out January 2021 sales stats here. And as for the results of this year - time will tell; the forecasts are very positive.