Istanbul and Antalya most popular cities in real estate
sector
Citizens of around 70 countries have bought property in
Turkey, according to a report of the foreign population in Turkey
conducted by the Chamber of Foreign Affairs of the Deed and Cadastre
Head Office.
People from Germany the United States, Austria, Azerbaijan,
Belgium, Denmark, the Netherlands and France top the list of foreigners
who have bought Turkish property.
Foreigners who buy property in Turkey prefer Istanbul and
Antalya, which makes up half of the property sold to foreigners. They
are followed by Bursa in the northwest, İzmir in the west, Muğla and
Aydın in the southwest and Hatay and Mersin in the south. Low property
prices, an increased income level and the change in property
expectations are factors that most attract the attention of foreigners
for purchasing property in Turkey.
$10 billion purchase in five years
Foreign purchase made up $10 billion of total property sales
in Turkey from 2003-2007. Income from property sales to foreigners, who
bought property worth $998 million in 2003, approximated $1,922 billion
in 2004, according to data from the Turkish Treasury. Foreigners bought
$1,841 billion property in Turkey in 2004, $2,922 billion in 2006, and
$2,952 billion in 2007, despite the global economic crisis
and ambiguity.