| Work Detail |
Dubai, United Arab Emirates (CNN) - Foreign investors purchases in the Turkish real estate sector jumped 129.6 percent in August, compared with their purchases in the same month last year.
The rise in foreign buyers purchases of Turkish real estate coincides with the marked decline in the Turkish lira, especially during the month of August.
According to data released by the Turkish Statistics Center on Wednesday, total sales of Turkish real estate in August fell by 12.5% ??compared to the same month last year.
Despite the decline in total sales, foreign property purchases in Turkey grew by 129.6% year-on-year to record 3,866 properties and Istanbul accounted for 30%.
The Iraqis issued foreign nationalities that bought real estate in Turkey last month, with 944 houses representing 25% of foreign buyers, followed by Iranians with 394 representing 10.2%, then 275 houses bought by Saudis and Kuwaitis with 271 properties, followed by Russians who bought 192 properties.
Foreign buyers represent only 3.7% of the total sales of the Turkish real estate market.
According to the Turkish Statistics Center, mortgage sales plunged 67.1% year on year, and mortgage sales accounted for 12.1% of total home sales in Turkey.
In general, Istanbul accounted for the largest share of property sales by 14.5%, followed by Ankara by 8.8%.
On Wednesday, the Turkish government amended the citizenship law, reducing the value of properties that allow the holder to acquire citizenship to $ 250,000 instead of the previous value of $ 1 million, but provided that the property was not sold within 3 years, in a move aimed at attracting foreign currency And stimulate the real estate sector.
The Turkish lira has lost about 40 percent of its value against the dollar since the beginning of the year and hit record highs after the administration announced double tariffs on steel and aluminum in response to Ankaras refusal to release a US priest suspected of involvement in the failed coup two years ago.
The Turkish real estate sector accounted for $ 4.6 billion of foreign direct investment inflows into Turkey in 2017, amounting to $ 10.8 billion, and foreign property purchases doubled in 2017 compared to 2016 to $ 1.7 billion.
|
