Overview of June Sales Data
According to TUIK, property sales to foreigners in June 2024 dropped by 45.1% compared to the same month the previous year, with a total of 1,440 properties sold. This significant decline brings the share of foreign property sales to just 1.8% of the total property sales in June.
The leading cities for foreign property sales were Antalya with 593 sales, Istanbul with 478, and Mersin with 116. These cities continue to be popular among international buyers due to their strategic locations, cultural richness, and investment potential.
Year-to-Date Performance
In the first half of 2024, property sales to foreigners decreased by 45.7% compared to the same period in the previous year, totaling 10,461 units. This downward trend highlights the shifting dynamics in Turkey’s real estate market, potentially influenced by global economic conditions, changes in local regulations, and geopolitical factors.
Top Buyers: Russian Federation Leads the Way
When breaking down the sales by nationality, Russian citizens topped the list with 332 properties purchased in June. They were followed by Iranian buyers with 156 properties and Ukrainian buyers with 102 properties. This trend underscores the ongoing interest from these countries despite the overall market downturn.
Analysis and Implications
Several factors could be contributing to the decline in property sales to foreigners:
Global Economic Conditions: Economic uncertainties and currency fluctuations can significantly impact foreign investment in real estate.
Local Regulatory Changes: Changes in property laws or foreign ownership regulations in Turkey can either attract or deter international buyers.
Geopolitical Factors: International relations and geopolitical stability play crucial roles in foreign investment decisions.
Opportunities for Future Investors
Despite the current downturn, Turkey’s real estate market remains a lucrative opportunity for foreign investors. The country’s strategic location, economic potential, and diverse property offerings continue to attract interest. For those considering investment, now might be an opportune time to explore options, especially with potential price adjustments and new incentives from the Turkish government.
At Dom Istanbul, we continue to see potential in the market despite the current downturn. Our portfolio includes some of the finest properties in Istanbul and other key regions, ensuring that we cater to the varying needs of our international clients.
If you’re considering investing in Turkey, now might be the perfect time to explore the opportunities available. Despite the recent decline, Istanbul’s real estate market offers great potential for long-term growth and profitability. At Dom Istanbul, we are committed to providing you with the best investment options and expert guidance to help you make informed decisions.
Contact us today to learn more about our exclusive property listings and personalized investment services. Together, we can turn your real estate aspirations into reality.
