Germany Looking Home from Turkey!
Residential Investments from the Middle East to Turkey
42 billion dollars worth of real estate sold abroad!
According to the report based on the data of the Central Bank of Turkey, between 2002 and 2003, 42 billion dollars worth of property was sold abroad.
According to the report, prepared on the basis of "Revenue from home sales to foreigners”, about $ 42 billion in the period from 2003 to 2017 foreigners have bought real estate in Turkey.
According to the report, the income generated from the sale of housing for foreigners attracted attention especially after the law of reciprocity entered into force in 2013.
Income from foreign-owned housing sales, which was $ 998 million in 2003, rose to $ 1 343 million in 2004 and to $ 1 841 million in 2005.
The income from foreign residential sales surpassed $ 2 billion in 2006. Revenue was $ 2 billion 922 million in 2006, $ 2 billion 926 million in 2007, and $ 2 billion 937 million in 2008. The figure fell to $ 1 billion 782 million in 2009.
After 2009, the sales of residential foreigners reached 2 billion 494 million dollars in 2010, 2 billion 13 million dollars in 2011 and 2 billion 636 million dollars in 2012.
Expected to reach $ 50 billion by the end of the year
Along with the reciprocity law, income from foreign residential sales has increased every year since 2013. 3 billion 49 million dollars in 2013, 4 billion 321 million dollars in 2014, 4 billion 156 million dollars in 2015, 3 billion 890 million dollars in 2016 and 4 billion 643 million dollars in 2017 revenue was achieved.
Thus, in the 2003-2017 period, the income from foreign residential sales totalled 41 billion 951 million dollars.
With a good entry to 2018, it is expected that foreign housing sales will reach 50 billion dollars by the end of 2018 with the increase of 20% in the first 3 months of the year compared to the same period of 2017, the increase in the exchange rate and the lowering of the 1 million dollar lower limit of foreign citizenship in the real estate acquisition.
99 thousand 691 houses sold to foreigners within 5 years
Huseyin Boz, chairman of Reva Investment Inc., stated that after the reciprocation of the foreigners, 99,191 houses have been purchased in 5 years since the beginning of 2013.
Boz stated that the first 3 months of this year will be a 20% increase compared to the same period of 2017 and that the decrease in the $ 1 million lower limit of 300,000 dollars, which gives citizenship in the purchase of foreign real estate will also cause an additional increase in housing sales.
Stating that when we examine the habits of foreigners in housing purchases from Turkey, they prefer to invest in a range of about 100 thousand dollars to 300 thousand dollars Boz concluded his words as follows:
"Therefore, the stretch of this condition reducing to 300 thousand dollars, will make a very significant contribution to both the real estate sector as well as Turkey's economy. As a matter of fact, when we look at the US, we see that 284,000 houses were sold last year to foreigners, and they in return paid $ 153 billion to the US. In Spain, the number of houses sold to foreigners in 2017 is 50 thousand. The house sold annually is worth 457 thousand in Spain. So they sell one out of every 10 houses to foreigners. The USA sells one out of every 20 houses. We can sell one of 65 houses. In return, we earn $ 4.6 billion. The private sector and the public have, of course, much to do to improve these figures."
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