Foreign investment in Turkish real estate continues to thrive, with 2018 figures reflecting a 78.4% increase on 2017, amounting to 39,663 properties sold to foreigners versus 22,234 in 2017.
In February 2019, property sales to foreigners increased by an enormous 92.1% compared to February 2018, according to The Turkish Statistical Institute (Turkstat).
To put these figures into context, the global Citizenship by Investment Program industry accounted for around US$12.5 billion in 2018, in comparison to the US$5 billion generated by real estate sales to foreign buyers in Turkey in the same year.
Whether it be commercial or residential, Turkish property is popular among foreigners in 2019. With a view to further encouraging this growth, the Turkish Government has extended some financial incentives until the end of the year. These include VAT exemption, which could mean a saving of around 8% on the purchase price of a new property, and a reduction of 1% in stamp duty.
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