House sales in Turkey jumped by 20.6 pct in March

Residential property sales in Turkey surged 20.6 percent on an annual basis in March, according to data released by the Turkish Statistical Institute (TÜİK) on April 15.

A total of 134,170 houses were sold last month, up from 111,241 in March 2021, TÜİK said in its monthly report.

Sales to foreign buyers soared 31 percent to reach 5,567 units in March.
"House sales to foreigners had a share of 4.1 percent in all house sales in March," TÜİK said.

Istanbul, Turkey's largest metropolis, had the lion's share of sales to foreign buyers with 2,245 units.

The Mediterranean resort city of Antalya followed with 1,434 properties, while the capital Ankara ranked third with 347.

Among foreign nationals, Iranians bought the most houses, with 784 sales. They were followed by Iraqis with 741 purchases and Russians with 547.

In the first quarter of this year, 320,063 residential properties were sold in Turkey, up 21.7 percent compared to the same period of 2021.

Sales to foreigners in the first three months rose 45.1 percent year on year to 14,344 units.

The government is planning changes to the citizenship-for-home program by increasing the minimum amount required to be invested in properties by foreign nationals to obtain Turkish citizenship.

Currently, foreigners need to purchase real estate worth at least $250,000 to benefit from the program. According to plans under consideration, the minimum level of investment will be raised to $400,000, or equivalent foreign exchange, private broadcaster CNN Türk reported this week.

Applicants of citizenship must keep the purchased real estate for three years minimum, and they should make this commitment in the title deeds of properties they buy.

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