Keeping up with a skyrocketing rise, Turkey’s property market saw its best May ever in real estate sales to foreigners across the country. What’s more, the market has hit all-time figures in sales to foreign buyers during each month since the beginning of the year.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Sales to foreign buyers jumped by 62.5 percent last month to some 3,925 units, up from 2,415 units in May 2018. As for the January-May period, purchases by foreign residents surged significantly, from 9,756 to 17,263, posting an increase of 77 percent, according to the Turkish Statistical Institute (TurkStat) Monday.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Legislative amendments that eased citizenship with investment limits for foreigners, campaigns launched by real estate developers and banks, and spiking foreign currency brought an annual record a 78.4 percent increase in 2018 compared to the previous year. Some 39,663 properties were sold to foreign investors last year, the highest number ever. In 2017, foreigners bought 22,234 units.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Overall last year, over 1.37 million property sales were recorded in Turkey, while around 650,000 of them were new builds.⠀⠀⠀⠀⠀⠀
The most prominent places are Kuruceşme, Şişli and Çamlica.
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