The real estate sector in Turkey continues to flourish, as is the case with the economic and commercial sectors, achieving remarkable results in numbers since the beginning of this year.
In this regard, Turkey has experienced about 3 million real estate sales transactions since the year’s beginning, according to an announcement made by the General Directorate of Land Registry and Cadastre of the Turkish Ministry of Environment, Urban Development, and Climate Change.
According to the official Turkish “Anatolia” agency, the Directorate claimed that the fees from these deals brought more than 35 billion liras (1.877 billion) to the state treasury.
The Directorate’s data indicates that from the start of this year until last November, Turkey saw “two million, 997 thousand, and 668 real estate sales transactions.”
According to the Directorate’s data, these transactions include:
- The sale of one million and 254 thousand and 545 apartments.
- Selling 518 thousand and 89 plots of land.
- Selling 862,438 agricultural lands.
- Selling 135 thousand and 782 workplaces.
- The rest is another real estate.
With 361 thousand and 492 deals, Istanbul led all Turkish states, followed by Ankara (187 thousand and 425) and Izmir (150 thousand and 423). And the title deed fees for that property brought in around 35 billion, 144 million, 100 thousand, and 467 Turkish liras for the public treasury.
The Ministry of Environment, Urban Development and Climate Change reported that 2,705,171 properties were sold in the first 10 months of 2022. The same report mentioned that 274,552 houses were sold alone in October of last year.
Investment flows in the real estate sector.
Since Turkey is now among the nations that sell the most properties to foreigners worldwide, 49 homes out of every 1,000 homes sold in Turkey were bought by foreigners in the first half of 2022. On the other hand, real estate purchases accounted for 86% of Turkey’s net inflows of $5.6 billion between January and September 2022.
According to Turkish sources, including the “TGRT HABER” website, Spain has become the country that invests the most in Turkey, with total investments of $1.6 billion, most of which were in April and May.
Foreign direct investment inflows totaled $9.3 billion in the first nine months of 2022, while outflows totaled $3.7 billion. Net inflows remained at the same level as previous year at $5.6 billion. Except for a net influx of $1.9 billion in May last year, Turkey’s foreign direct investment remained low from January to September 2022.
Inflows and outflows of foreign direct investment decreased by $500 million during the first nine months of 2018 and the same period in 2021. Still, net direct investment flows only slightly increased by $17 million, with real estate accounting for 86% of net inflows. Net inflows from real estate increased by 21.3% between January and September 2022, from $3.95 billion in 2021 to $4.79 billion this year.
Additionally, it climbed from 71% to 86% of the net total. In other words, net capital inflows from direct investments fell to $787 million when net real estate investments, which totaled $4.8 billion, were excluded, as foreign investments were concentrated in trade, banking, and insurance.
Other Turkish sources cited on the HABER TURK website claimed that compared to the same period in 2021, foreign investments in Turkey climbed by 4% in the first nine months of 2022.
“Yalova” is one of the cities that foreign investors most frequently choose over Istanbul, Antalya, Sakarya, Kocaeli, Bursa, Mugla, Mersin, Ankara, and Izmir for their real estate investments.
Iraqis were the next-highest sales nations in Yemen, the United States, Kuwait, Afghanistan, Germany, Iran, the Russian Federation, Kazakhstan, and Ukraine. The total number of real estate transactions to foreigners in Turkey as of the first nine months of 2022.
