Foreigners Prefer Purchasing Mansions around the Bosphorus

Real Estate Investment Foreigners Prefer Purchasing Mansions around the Bosphorus

Foreigners mostly purchase houses from Istanbul recently. Iraqi rich people are the leading ones of foreign investors in Turkey. Especially the rich people of the Middle East set their sights on the Bosphorus.

Especially after the fairs held abroad with the regulations such as VAT exemption and the investment cost of 250 thousand dollars for Turkish citizenship are sufficient, the increase in sales to foreigners does not slow down. When we look at the latest numbers of housing sales to foreigners, mostly Arabian countries prefer purchasing mansions in Istanbul because of advantages above.

A certain group of high-income income groups from the Middle East countries have a great interest in the waterfront and mansions in the Bosphorus. The main reason why they prefer a shore or a mansion in Istanbul instead of Europe is that they can get citizenship more easily. Those who want to buy a house start to come to Istanbul in April-May and this intensity lasts until October. Waterside prices in the Bosphorus range from 30 million TL to 500 million TL.

Housing sales to foreigners, which started the new year fast, have been continuing rapidly for the last 4 months. In April, 3 thousand 720 houses sold to foreigners, the first 4-month figure rose to 13 thousand 338’e. In 2018, the sales made in the first 4 months were 7 thousand 341. That is, an increase of 82 percent was realized. This figure also points to a record. Istanbul was the first in the first 4 months with sales of 6 thousand 160 houses to foreigners. The highest number of residences was Iraqi with 2 314 houses, followed by Iranian, Saudi, Russian and Afghans.

Recently, the transition from USD to TL in real estate has also facilitated purchases and the mansions have become more accessible than foreigners. Şehzade Burhanettin Seaside Mansion (Erbilgin Seaside Mansion), which is sold to Qatari investors for 150 million dollars, is the most expensive waterside location. Qatari investors again made 75 million dollars investment in Sarıyer. About 100 of the 600 most expensive mansions near Bosphorus sold to the foreign ivnestors.

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