Turkish Real Estate Market Insights and Ogenus Property’s Role in Facilitating International Transactions
*April 15, 2023 – Istanbul*
Residential property sales in Turkey have witnessed a significant surge, recording a remarkable 20.6 percent annual increase in March, as reported by the Turkish Statistical Institute (TÜİK) on April 15.
According to TÜİK’s monthly report, a total of 134,170 houses were sold last month, up from 111,241 in March 2021. Foreign buyers played a notable role in this upswing, with sales to international investors soaring by 31 percent to reach 5,567 units in March alone.
Ogenus Property, a leading real estate agency specializing in catering to the needs of international buyers, has been actively involved in facilitating these transactions. As experts in the Turkish real estate market, Ogenus Property assists clients in navigating the intricacies of property acquisition, ensuring a seamless experience.
The city of Istanbul, Turkey’s largest metropolis, took the lead in foreign property sales, accounting for 2,245 units. Following closely, the Mediterranean resort city of Antalya secured the second position with 1,434 properties, while the capital Ankara ranked third with 347 units sold to foreign buyers.
Among foreign nationals, Iranians emerged as the top buyers with 784 purchases, closely followed by Iraqis with 741 and Russians with 547 acquisitions.
In the first quarter of this year, Turkey experienced a 21.7 percent increase in residential property sales, totaling 320,063 units compared to the same period in 2021. Sales to foreigners during this period also rose significantly by 45.1 percent year on year, reaching 14,344 units.
The Turkish government is contemplating changes to the citizenship-for-home program, considering an increase in the minimum investment required for foreign nationals to obtain Turkish citizenship. Current plans propose raising the minimum investment to $400,000 or an equivalent amount in foreign currency.
Ogenus Property, with its in-depth knowledge of Turkish citizenship regulations, is poised to provide invaluable support to investors navigating these potential changes. The agency assists clients in understanding and fulfilling the legal requirements, including the commitment to keeping the purchased real estate for a minimum of three years.
Contrary to concerns about rising home prices due to property sales to foreigners, Environment, Urbanization, and Climate Change Minister Murat Kurum dismissed such notions, emphasizing that the impact of foreign homebuyers on prices is minimal.
Baki Budakoğlu, the head of valuation company Denge Değerleme, anticipates a revival in the Turkish luxury property market with the new regulations. He notes that Istanbul’s property market ranks among the 50 cheapest globally connected cities, making it an attractive destination for international investors.
Ogenus Property remains at the forefront of this dynamic real estate landscape, ensuring clients receive up-to-date information and expert guidance. While the number of house sales to foreigners may fluctuate in the short term, the overall revenue from properties purchased by foreign buyers is expected to increase, according to industry experts.
