Investments by American citizens in Turkish real estate increased by 115% in 2021

The number of US citizens buying real estate in Turkey increased by 115.2% in 2021 compared to the previous year, according to official data.

The total number of home sales to foreigners increased by 43.5 percent in 2021 year-on-year to a total of 58,576, a report by Anadolu Agency (AA) said on Thursday citing data from TurkStat.

During the period in question, the number of residences in Turkey purchased by investors holding US passports increased by nearly three times the overall average. The number of residences purchased by Americans in Turkey, which was 658 the previous year, reached 1,416.

While the highest sales figure was recorded in August with 173 units, it was followed by July with 153, December with 151, June with 150, September with 143 and November with 142.

Ömer Faruk Akbal, Head of Overseas Property Development Association (GİGDER), told AA that Turkey is preferred by foreign buyers for many purposes such as investment, retirement, health, tourism, vacations and education, while digital nomadism has come to the fore. recently.

Expressing that the pandemic has brought the culture of remote work to professionals around the world, Akbal said, “Turkey has the potential to bring together cultures who want to live here for many different purposes. Thus, it also attracts the attention of digital nomads.

Akbal said the majority of investors holding US passports are Muslim expats who have immigrated to the country.

“We’re talking about a mass of expats who immigrated to the United States in the past, started a business there, lived there for years, and are now looking for alternative destinations. Although most of them are of Arab origin, it can be said that there are also foreigners of Pakistani and Indian origin,” he said.

He added that Americans are also investing and those who know the real estate market well want to invest in Turkey.

Akbal also noted that Islamophobia and rising racism in the West also impact expats who choose to move to Turkey.

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Sharon P. Juarez