Foreigners Buying Property in Turkey
In the past 5 years and the first 5 months of 2024, a significant amount of land, residential properties, and commercial spaces have been sold to foreigners in Turkey. This trend is concerning as it shows a growing number of foreign ownership in the country.
During the first 5 months of 2024 alone, 777,954 square meters of land, along with 10,498 residential properties and shops, were sold to foreigners. This indicates a worrying trend of increasing foreign investment in Turkey’s real estate market. With the economic crisis affecting Turkish citizens, many are forced to sell their properties, while foreigners are taking advantage of special projects and citizenship schemes.
Excluding 2024, in the past 5 years, 19,485,898 square meters of land, as well as 197,372 residential properties and commercial spaces, have been sold to foreigners. This amounts to the equivalent of 2,730 football fields of land being owned by foreign nationals.
It is crucial to monitor and regulate the sale of property to foreigners in order to protect the interests of Turkish citizens and prevent excessive foreign ownership in the country.
The threat of foreign ownership in Turkey
In recent years, there has been a concerning trend of foreign investors buying up large amounts of land and properties in Turkey. This has raised fears among locals that they may soon become tenants in their own country.
Israel’s role
One particular country that has caught the attention of experts is Israel. According to data from the first 5 months of 2024, Israeli citizens have purchased 777,954 square meters of land and 10,498 properties in Turkey. This has raised alarm bells, as the amount of land acquired by Israelis in the last 5 years is significant.
“Jordanians lead the pack,” noted one expert. “Israeli citizens have bought a staggering 1,055,215 square meters of land and 1,805 properties in Turkey in the last 5 years. This means that for every 19 square meters of land sold, one belongs to an Israeli. Jordanians have purchased every 8 square meters of land sold, while Russians have bought every 6 residential and commercial properties.”
Our research shows that the top buyers of land in the last 5 years have been the Jordanians, with a total of 2,481,240 square meters acquired.
Foreign Nationals Investing in Real Estate in Turkey
Recently, there has been an increase in the number of foreign nationals investing in real estate in Turkey. Among the countries with the most investments are Saudi Arabia, Qatar, Palestine, and Egypt. However, Russian citizens have purchased the highest number of residential properties and shops.
Over the past five years, Russian citizens have bought a total of 33,630 residential properties and shops in Turkey. They are followed by Iranian citizens with 28,062 purchases and Iraqi citizens with 19,061 purchases.
