Turkish property sales to foreign buyers up 9% in Q1.... so is it the time to buy / sell?

DIDIM, Turkey - May 4, 2016 - PRLog -- Turkish property sales to foreign buyers is up by 9% on last year….. so, it's a good time to sell in Didim, right?

The Turkish National Statistic Authority (TUIK) (http://www.turkstat.gov.tr/Start.do)  has announced the residential property sales statistics for the first quarter of 2016.

According to statistics, the number of properties sold to foreign nationals in the first quarter of the year rose by 8,9%, when compared to last year.

January and February saw the largest increases at 13,4% and 15,8% respectively whereas March saw a tiny increase of just  0,9% . In our opinion, it will be interesting to see if the second quarter will continue on an increasing trend or whether March  starts a new trend…..

Where is appealing….

Area and number of residential properties sold to foreigners (January, February and March 2016)
1  Istanbul  1,636
2  Antalya  1,003
3  Bursa  385
4  Yalova  240
5  Ankara  185

Who is buying?

The Eastern buyers remain on top. Iraqi nationals were again the foreign nationals purchasing the highest number of residential properties in Turkey, in the first quarter of 2016. While a total of 917 properties were sold to Iraqi nationals during the first quarter, they were followed by Saudi Arabians who bought 445 residential properties, Kuwaitis with 429, Afghans with 393 and Russians with 290 residential properties.

The increase in Afghan nationals, as of the first quarter of 2016, is also attracting attention. While a total of 656 Afghan nationals purchased properties in Turkey last year, this figure has already reached 393 in the first quarter of this year.

Linking back to Didim

One can see from the statistics above that the neither Didim nor the county of Aydin feature in the league of top areas for foreign buyers. In fact, in March 2016, according to TUIK, just 56 properties in the whole of Aydin, the county  which includes the large resorts of Kusadasi as well as the resorts of Didim were sold to foreign nationals.

Does this paint a totally depressing picture for vendors in the Didim area? We don't think this is necessarily so as even though there may not be many foreign buyers knocking on the door to buy, there is a steady flow of Turkish expats still wanting to invest in the homeland. In addition, Didim is a particularly popular resort with the Turkish tourists and as the economy in Turkey continues to improve and mortgages are more widely available, domestic buyers are buying second homes more frequently in recent years. In particular, land for investment  is selling quickly to Turkish residents and expats alike. Didim is officially the fastest growing small town in the country. The residential population here has tripled in the last 10 years! The supply of rental property is very low compared to demand and most new-comers need to the area have to buy tos tay in the area. These are all sound exit routes for prospective foreign vendors albeit that any vendor trying to sell in 2016 will need to price their property very conservatively if they wish to remain competitive within the market. Thus we conclude while the market remains as it is at present, buyers can be assured of a best price purchase and vendors can be reassured of a steady flow of buyers.

Prospective vendors can contact Didim Sun Properties for more information about selling or check out our website at:  http://www.didimsun.com/sayfa/detay/3-For-vendors.html