Turkey’s Real Estate Investment Doubled in December 2021

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Real Estate Investment Doubled in December 2021

December 2021 was a good month for the Turkish Real Estate area. The month had high deals in land contrasted with the earlier months. The local people and foreigners showed significant purchases in property, prompting a 113.7% increment in real estate.

As per the Turkish Statistical Center, approximately 1.492 million homes were sold in Turkey in 2021, in which the homes bought by foreigners last year expanded by 43.5%. 276.223 houses were sold in Istanbul, trailed by 144.104 in Ankara, Istanbul’s capital city. Izmir had 86.722 houses sold.

The lira depreciation led foreigners to buy properties in cheaper hard currency. The Turkish lira had tumbled to a record low of 18.4 against the U.S. dollar in December. More than 50.000 units have been sold by November, which increases foreign sales by 3.9% for 2021.

The Turkish Statistical Institute (TurkStat) demonstrated that 226.503 houses were sold in December, denoting a 60% year-over-year increment. Turkish lira’s devaluation is one of the reasons that drove the increment in deals. The places with the highest sales were Istanbul, the southern resorts of Antalya and Ankara, with 26.469, 12.384, and 3.672, respectively. The nationals who bought the most units were Iranians with 10.056 purchases, Iraqis with 8.661 purchases, and Russians with 5.379 purchases. In the same year, the Afghans bought 2.762 and the Germans 2.358.

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