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EghtesadOnline: By purchasing 736 homes in Turkey, Iranians ranked the second biggest foreign buyers of real estate in the neighboring country in May, new figures released by the Turkish Statistical Institute show.

According to the report, Russians with 1,275 houses were the top foreign buyers of real estate over the period. Iran was followed by Iraqis with 617, Germans with 247, Ukrainians with 241, Kazakhs with 218, Afghans with 210, Chinese with 186, Palestinians with 155 and Yemenis with 140, according to Tuik.gov.tr. 

Iranian’s home purchases in the neighboring country increased by 218.61% compared with the similar period of last year.

Foreigners bought a total of 5,962 homes in Turkey in May, registering a 235.7% upsurge compared with the corresponding period of last year. The figure accounted for 4.9% of the total house sales in that country.

Out of the overall sum, 2,451 homes were located in Istanbul, 1,885 in Antalya and 264 in Mersin.

Foreigners bought a total of 26,753 homes in different cities of Turkey over January-May of this year, indicating a 70% YOY growth.  

Around 122,768 real-estate deals were struck in Turkey during May, indicating a 107.5% hike compared with May 2021. 

Speaking on the reasons for Iranians’ growing preference for investing in the Turkish property market, President of Tehran Chamber of Commerce Masoud Khansari tweeted last year: “This is because of the runaway inflation [in Iran], lack of a clear [economic] outlook and the poor state of investment [in the country].”

 

Iran Turkish Property