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Turkey’s slumping housing market is getting some support from foreign property investors, especially from the Gulf region, who are drawn by the weak lira and a government effort to ease the path to Turkish citizenship.

Foreign housing investment jumped 82 percent in the first quarter of the year, according to government data, even as Turkey’s overall housing sales tumbled 24 percent in January and 18 percent in February as the economy settled into a recession.

Iranians, Iraqis and Saudis led those taking advantage of Turkey’s decision last year to slash an investment threshold for gaining citizenship to $250,000 from $1 million previously. The measure was aimed at keeping money flowing into an economy that was driven for years by a construction boom.

A 30 percent drop in the Turkish lira last year, and another 10 percent decline against the dollar so far in 2019, has also made it cheaper for foreign buyers.

Read more: Turkish citizenship offer, weak lira draw foreign property buyers

gallery 236 5ac721a0de179A total of 105,046 residential properties were sold in Turkey last month, the Turkish Statistical Institute (TurkStat) said on Wednesday.

Even though overall sales were down 5.3% in March, compared to the same period last year, sales to foreigners rose significantly.

"Istanbul had the highest share of overall house sales in March at 18.2% with 19,140 units sold," TurkStat said.

Melih Tavukçuoğlu, head of the Contractors' Association on Istanbul's Asian side, said the country will close 2019 with a slightly less number of sales compared to the last year.

Turkey recorded over 1.37 million house sales in 2018, down 2.4 percent from previous year.

"We foresee that the sector will recover by 2020," Tavukçuoğlu said.

Read more: House sales in Turkey down 5.3% in March, sales to foreigners jump 71.3%

Istanbul Airport has been officially opened on 29th October 2018 and the mobilisation of the airport will be completed in the first week of April. Istanbul Airport will be one of the strongest airports in the world with an annual 200 million passenger capacity

Istanbul has been a bridge between east and west, Europe and Asia throughout the history. With this new airport, the city is now more active in the aviation sector. Bayram Tekce, Chairman of Antalya Homes Emlak Inc., the leading real estate company that operates in different regions of Turkey, defined Istanbul Airport as the new driving power for the Turkish economy and real-estate sector.

"NOT JUST AN AIRPORT. ISTANBUL COULD BE AEROTROPOLIS."

Tekce stated that Istanbul Airport is a strategically important project for Turkey by saying that such projects will increase the brand value of İstanbul for more investment and this new airport will consolidate İstanbul as a "HUB" in international civil aviation:

Read more: Istanbul Airport Excitement in Turkish Real-estate Sector

gallery 236 5ac7218234e08Residential sales in March surged by 71.3 percent over the same month the previous year, increasing from 1,827 to 3,129 units.

Ever-increasing residential sales to foreigners have raised the real estate sector's expectations to record levels this year as the market has enjoyed its best first-quarter sales to foreign buyers

The Turkish housing market has seen the best first quarter performance in sales to foreigners this year. A total of 9,618 houses were sold to foreigners in the first quarter of the year, the best first quarter figure in history, according to data released by the Turkish Statistical Institute (TurkStat) yesterday. In the January-March period last year, 5,298 houses were sold to foreigners, an increase of 81.5 percent. In March, foreign residential sales surged by 71.3 percent over the same month the previous year, increasing from 1,827 to 3,129 units. Thus, Turkey's foreign residential sales saw the best first quarter and March figures in history. Accordingly, Istanbul maintains its position as the most preferred city in foreign residential sales.

Read more: Housing sales to foreigners hit record levels in Q1, nearing 10,000

Property sales to foreigners see their best February ever

When January and February months are examined, house sales to foreigners marked an 87 percent year-on-year increase and totaled 6,471.
Maintaining an upward trend, house sales to foreigners in Turkey skyrocketed by 92.1 percent year-on-year in February. With Istanbul as the most prefered location among buyers, Iraqi citizens led way with 628 purchases
Boosted by private sector campaigns and legal amendments, the Turkish property market continues to enjoy a buoyant period in terms of real estate sales to foreign buyers.

House sales to foreigners maintained an upward trend and saw their best February ever, reaching 3,321 units, a 92.1 percent year-on-year increase, the national statistical body, Turkish Statistical Institute (TurkStat) announced yesterday. The same figure was 1,729 in February last year.

Making a rapid start to the new year, residential property sales to foreign buyers reached 6,471 units in the first two months of the year, corresponding to an 87 percent increase compared to the January-February period of last year, when foreigners purchased 3,471 houses across Turkey.

Read more: Property sales to foreigners see their best February ever
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