Dwelling in Miami is The Favorite For Turkish
Dwelling in Miami is the favorite for Turkish, in Istanbul for foreigners.
While Turkey continues to be a dominant foreign investor, many Turks prefer the US to be homeowners. Last year, 5,811 of the foreigners who bought 18,000 houses in Turkey preferred Istanbul, while 1,000 to 1,500 Turkish citizens who is property owner in the US in the same period were also in Miami.
Turkey is among the countries preferred by foreigners who want to have house abroad. Many Turks also buy houses in the United States. The foreign investor's opinion in Turkey is Istanbul, and the Turkish favorite who owns the property in the United States is Miami.
The sale of housing for foreigners has begun to increase as the regulation, known as the "reciprocity law", regulates the acquisition of foreigners' immovable property and takes effect in 2012. According to the data of Turkish Statistical Institute after regulation, foreigners from Turkey will be sold 12,181 in 2013, 18,959 in 2014, 22,803 in 2015 and 18,189 in 2016.
Last year about one-third of the 18,000 houses bought by foreigners were sold in Istanbul. Istanbul is the first with 5,811 sales, while Antalya is the second with 4,352 houses and Bursa is the third with 1,318 houses sold. Among the homeowners in Turkey, Iraqis were the first, followed by Saudi Arabia, Kuwait, Russia and the United Kingdom.
While Turkey is the favorite country to be the homeowner of foreign investors, a large number of Turks preferred the United States to become a homeowner.