Iranians remain top home buyers in Turkey

A new report from the Turkish Statistical Institute shows that Iranians still topped the list of foreign buyers of residential properties in Turkey in March.

According to report released FridayTurkey notched its best March in terms of property sales, with Iranian citizens buying 784 homes, topping the list, followed by Iraqi citizens with 741 units and Russian citizens with 547.

Iranians bought 2,256 residential units in the first quarter of this year, while Turkey recently increased the minimum monetary value needed for a foreigner to apply for the citizenship investment program from $250,000 to $400,000.

Home sales to foreigners rose 31% in March from the same month last year to 5,567. Purchases by foreigners accounted for more than 4% of all home sales in March, led by Istanbul list, followed by the Mediterranean resort of Antalya and the capital Ankara.

Total annual home sales in Turkey also rose 20.6% in March to 134,170 homes amid falling supply and rising prices, but industry officials say data shows that households continue to view real estate as an attractive investment tool.

A senior Iranian parliament official said in October 2021 that Iranians bought $7 billion worth of real estate in Turkey in approximately three years from 2018 to 2020, with estimates of 3,000 residential units each year.

By buying property in Turkey, Iranians are trying to protect their capital as the country’s currency continues to decline and hope to gain Turkish citizenship and be able to do business without being restricted by US sanctions, making it difficult for Iranians even to open bank accounts in other countries.

Sharon P. Juarez