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Turkey Sees 22% Spike in Property Sales from Foreign Home Buyers

Turkey saw a 22% spike in home sales to foreign buyers in 2017, according to a year-end report from the Turkish Statistical Institute, or Turk Stat. Despite Turkey’s spiral into authoritarianism under President Recep Tayyip Erdogan, foreigners continued to snap up homes in Istanbul and the capital city, Ankara—thanks in part to a new decree offering citizenship in exchange for luxury home purchases. In January 2017, the government enacted a new initiative whereby foreigners could get Turkish citizenship in exchange for buying a home for the equivalent of US$1 million or more.

  • Published in Turkey
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