Foreigners spend €232 million per month to buy property in Turkey

Foreigners spend €232 million per month to buy property in Turkey

In January-April, foreigners have bought property in Turkey to the value of €926 million (i.e. monthly expenses amounted to approximately €232 million), and in January-April of last year - to the value of €657 million. Thus the expenditure on the purchase of real estate increased in 1.4 times year on year, writes ee24.com citing bulletin of Ministry of Economy. 

After the abolition of the principle of reciprocity two years ago, real estate sales to foreigners in Turkey have increased significantly. In 2013, the total amount of transactions increased by 15% to €2.2 billion. Judging by the first results of this year, a record will be surpassed. Property prices are rising ahead of inflation, and foreigners are now in a hurry to buy housing.

Total direct foreign investment in the Turkish economy grew proportionally to the growth of investment in real estate and in the first four months amounted to €3.75 billion.