The Statistical Institute of Turkey has analyzed the dynamics of residential property sales to foreigners over the past year. Three parameters were taken into account: the number of properties sold, the cities of the country and the nationality of buyers.
Home sales to foreigners dropped sharply in April-May 2020 when the country closed the border because of the coronavirus pandemic. Investors could not come to the country to select properties and sign agreements.
Turkey opened the border to foreigners on August 1, 2020, and since September sales have returned to pre-crisis levels.
Dynamics of home sales in Turkey
The demand for housing in different cities of Turkey. Foreigners prefer to buy real estate in major cities of the country – Istanbul, Antalya, Ankara and Bursa.
Home sales in Turkish cities in 2020
Who buys homes most often. Citizens of Iran and Iraq ranked first in the number of homes purchased in Turkey in 2020. Russians are in third place: they became owners of 3078 houses, of which 349 were bought in December.
Top 10 countries whose citizens bought homes in Turkey in 2020
Why foreigners buy property in Turkey
Wealthy cosmopolitans can invest $250,000 in Turkish real estate and obtain citizenship. Objects are allowed to rent, and after 3 years to sell and return the investment.
Real estate prices in Turkey have increased since the beginning of the pandemic by 15-30%, notes the head of the Chamber of Realtors Antalya Sheref Saglam. Many developers were forced to stop construction of new houses. Because of this, the primary real estate market stopped growing, and the secondary housing quickly sold out.
In January 2021 the cost of a one-bedroom apartment in Istanbul or Antalya ranges from $ 60,000 to $ 90,000. A detached villa by the sea with its own pool will cost $300,000 to $400,000.
Modern villa with pool in Belek.
Price - 400 000 $
Apartment with the system "smart home" in a residential complex by the sea in Antalya.
Price - from $ 350 000
Turkey is a candidate for accession to the European Union. With the country’s passport, a foreigner can travel visa-free to 110 countries, including the Asian economic centers – Japan, Singapore and Hong Kong. Turkish citizens can also obtain an E-2 business visa in the United States.
In which European countries you can get citizenship of a residence permit by purchasing real estate
Citizenship and residence permit programs by investment are available in several European countries. Malta, Portugal, Greece and Montenegro offer the opportunity to become a citizen or resident of the country by investing in real estate.
Permanent residence in Malta is granted if a foreigner meets several conditions: the purchase of government bonds, pay the administrative fee, purchase or rent a property. The minimum transaction amount to buy a property – 270 000 €, rent – 10 000 € per year. But soon the program will end, and the conditions will change. We told about it in the article “How to get permanent residency in Malta in 2021”.
Residence permit in Portugal is issued for the purchase of any property from 500,000 €. But if a foreigner chooses an object older than 30 years for the restoration, the minimum amount of the transaction must be 350 000 €.
On July 1, 2021, the terms of the Portuguese program will change: the minimum investment amounts will increase. The amount of real estate transaction will depend on the region of Portugal, in which the object is located. We told about it in the article “How to have time to get a” golden visa “at the old price”.
It is possible to get a residence permit in Greece if you buy real estate from 250,000 €. The state gives investors a wide choice: you can buy housing or commercial real estate, rent apartments or hotels, purchase land for construction.
House prices in Greece are now growing at half the rate they were before the crisis and the pandemic. Therefore, real estate experts Immigrant Invest recommends not to put off the purchase until the second half of 2021, when the recovery of the economy and the rapid growth of prices. We told about it in the article “When it is better to invest in real estate in Greece”.
Citizenship of Montenegro is obtained by foreigners who invest from 350 000 € in the construction of tourist property. 2021 is the last year for the program, but you can still have time to get a passport of the country for investment. For example, to invest in the construction of a new facility – a hotel complex “Cruiser”. We told you about it in the article “Five stars on the Adriatic coast”.
Apartments in a residential complex on the beachfront in Calcara, Malta.
Price - from 325 000 €
Villa with swimming pool in a gated residential complex in Lagos, Portugal.
Price - from 595 000 €
Villa with a large plot by the sea on the island of Kea, Greece.
Price from 1 million euros
Apartment in a five-star hotel in the mountain resort Montis in Kolasin, Montenegro.
Price - 250 000 €
Immigrant Invest is a licensed agent of European citizenship and residency programs for investments. If you want to get a second passport or become a resident of a European country, seek advice from experts in investment programs.