Russians and British top buyers of Turkish properties
Economic trustworthiness is also reflected in real estate sales to foreign buyers. From the Bahamas and Commodore Islands to the Dominican Republic and Mozambique, foreigners from 120 countries have purchased properties worth $18 billion in Turkey over the last six years, while in the last year alone sales were more than $5 billion.
With Russian and British customers being the top buyers, Russians prefer real estate in the southern resort city of Antalya and British customers prefer properties in Turkey’s Aydın, Muğla and İzmir provinces. Properties in Istanbul were mostly sold to Iraqis and Saudis. Antalya had the highest property sales with more than 53,000 buyers, followed by Istanbul with around 20,000.
Property sales in the provinces of Aydın, Muğla, Yalova, Bursa, İzmir, Ankara and Sakarya also increased. The boom in property sales to foreigners is likely attributable to important amendments recently made to the Reciprocity Law, which grants property-purchasing rights to the citizens of 183 countries. As a result, citizens of Liberia, Cambodia, Mauritius, Mauritania, Mozambique and St. Kitts, amongst others, have all started purchasing properties in Turkey.
Recent years, there happened a boom in property sales in Istanbul. 60.000 Iranians bought property in Istanbul to become Turkish Citizen.