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Comparing Real Estate Markets in Turkey
and other countries 2024
- Updated on Jul 22, 2024
- Kourosh Soleymani
- No Comments
Comparing Real Estate Markets in Turkey and other countries 2024
In the article “Comparing Real Estate Markets in Turkey and Other Countries 2024,” we delve into the differences between real estate markets in Turkey and other nations by examining current statistics and figures.
One advantage of comparing real estate markets in Turkey and other countries is the ability to identify significant investor profits from 2021 to 2023. By analyzing these trends, we can see the substantial gains made by investors in Turkish real estate. This insight highlights the opportunity for others to capitalize on this growing market.
CIP as the second reason for foreign real estate investment in Turkey
When comparing real estate markets in Turkey and other countries, the impact of the Citizenship by Investment Program (CIP) is undeniable. The significant increase in both the number of investors and the amounts invested highlights that the substantial profits are the primary attraction, with obtaining citizenship being a secondary benefit.
Analyzing the statistical rate of real estate investment in Turkey in recent decades by foreign investors
When comparing real estate markets in Turkey and other countries, we encounter a remarkable growth rate. In recent years, property sales to foreigners in Turkey have seen an average annual growth rate of 26%. The number of sales to foreigners in 2021 was four times higher than in 2013. Between January 2013 and August 2022, foreign investors purchased 323,522 residential units, with 70% of these transactions occurring from January 2018 to late 2022.
Total residential units purchased (2013-2022)
Number of Units Purchased (2013-2022)
The year 2022 saw a significant 54.9% increase in residential property sales to foreigners in Turkey compared to 2021. The international diversity among foreign investors in Turkish real estate is notable. Before 2021, Iraqi, Iranian, and Russian investors were the primary buyers of Turkish properties, with Iraqis accounting for 16%, Iranians about 12%, and Russians 9% of purchases.
However, as the market’s profitability became evident, investors from Germany, England, Saudi Arabia, and even the United States entered the market. Notably, property purchases by Americans in Turkey surged by 127% in 2021, exceeding the totals for both 2020 and 2019.
Comparing the statistics of Turkey’s real estate market with other countries highlights a genuine demand and interest in this market.
| Description | Value |
|---|---|
| Total residential units purchased (2013-2022) | 323,522 units |
| Percentage of purchases (2018-2022) | 70% |
| Percentage of purchases (2013-2017) | 30% |
| Increase in sales in 2022 | 54.9% compared to 2021 |
| Major buyers before 2021 | Iraqis (16%), Iranians (12%), Russians (9%) |
| Increase in American buyers | 127% in 2021 compared to 2020 and 2019 |
| New major buyers after 2021 | Germans, English, Saudis, Americans |
| Nationality | Percentage of Property Purchases |
|---|---|
| Iraqis | 16% |
| Iranians | 12% |
| Russians | 9% |
| Others | 63% |
Other attractive factors of the Turkish real estate market
Turkey boasts many remarkable features and has long been a prime destination for tourism and travel. Its security, high quality of life, individual and social freedoms, abundance, Mediterranean climate, delicious and unique cuisine, and rich historical and cultural attractions all contribute to its appeal. These factors explain the rise in visits and foreign travel to the country, attracting diverse nationalities each year.
By mid-2022, the number of foreign tourists had increased by 115% compared to previous years, with German tourists’ visits growing by 40%, and English tourist visits increasing several times more than that of the Germans.
Notably, most foreign real estate investors in Turkey have experienced at least one tourist trip to the country, directly or indirectly. This underscores Turkey’s high potential as an attractive destination for both tourism and investment.
Percentage Increase in Tourist Visits by Mid-2022
| Nationality | Percentage Increase |
|---|---|
| Overall Tourists | 115% |
| German Tourists | 40% |
| English Tourists | 300% |
Comparing Real Estate Markets in Turkey and other countries
The profitability statistics for investing in the Turkish real estate market are impressive. In recent years, profits have surged by over 170%, driven by an influx of foreign investors.
When comparing Turkey’s real estate market to those of other countries, consider the profitability statistics of property investments in Greece, England, and Portugal, which have been 9%, 10%, and 13% respectively in recent years. This stark growth gap highlights why investing in Turkish property is a compelling opportunity.
Profitability of Real Estate Investments
By comparing real estate markets in Turkey and other countries, a clear investment opportunity emerges, offering better returns for a fixed amount of money. The lower initial investment cost and higher return on investment make Turkey an attractive and unique market.
Another advantage of investing in Turkish real estate is the potential income from renting to tourists, which can yield substantial profits.
If you have any questions about the Turkish real estate market and investing in this market, contact the experts at HomesGravity. We will respond to you promptly.
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