Home sales to foreigners exceeded 357,000 in 10 years

Treasury and Finance Minister Nureddin Nebati is proud of the amount of foreign capital coming into Turkey, but a significant part of this figure is real estate sold to foreigners.

The number of homes sold to foreigners in Turkey has reached 357,343 since May 2012, when the regulation known as the Reciprocity Law came into force, which removes restrictions on the purchase of real estate by foreigners in Turkey, until the end of March 2023.

In this period, Istanbul ranked first with 138,840 residences for home sales to foreigners, while Antalya ranked second with 90,266 residences.

Iraqi citizens ranked first in home sales to foreigners in the period 2015-2023, with 49.13 units. While Russia ranks second with 38,465 units, the third
Iran was in the ranking with 38,187 units.

In 2022, home sales to foreigners broke a record with 67,490 units, with Russian citizens ranking first with 16,312 units.

$47.7 BILLION SALES IN 10 YEARS

While there was $128.9 billion of direct inflow of foreign capital to Turkey in the period 2013-2023, real estate purchases made up 37.7% of this figure at $47.7 billion.

While there was a total of US$254.2 billion inflow of foreign capital to Turkey in the period 2002-2023, 27.4 percent of this figure was US$69.6 billion to foreigners.
real estate sales

CITIZENSHIP IS GRANTED WITH MONEY

In addition to the 2012 Reciprocity Law, the increase in real estate purchases by foreigners in Turkey was the citizenship regulation that came into force at the beginning of 2017.

With the regulation that came into force in January 2017, citizenship began to be granted to foreigners who bought real estate for a minimum value of 1 million dollars.

That figure dropped to $250,000 in September 2018, boosting sales. Building on public reactions, the government increased the lower limit for citizenship to $400,000 in May 2022, instead of limiting sales to foreigners.

Experts claim that real estate sales to foreigners are effective in increasing house and land prices in Turkey, and this effect is gradually increasing, especially in cities like Istanbul and Antalya.