Foreigners snap up homes in Turkey, recession hurts broader market

Foreigners snap up homes in Turkey, recession hurts broader market

The sale of homes in Turkey to foreign nationals jumped 92 percent in February to 3,321 properties, fresh data shows, but the number of deals in the broader market dipped under the weight of the country's recession.

According to figures published by the national statistics service, Turkstat, 1,440 home sales to foreigners were recorded in Istanbul last month, followed by 672 in Antalya. In Ankara, there were 196 deals with another 192 being completed in Bursa.

The strong data for February continues from a sharp jump seen in January home sales.

Iraqi nationals made up the biggest group of foreign buyers, purchasing 628 houses, followed by Iranian nationals that bought 307 properties. Next on the list came buyers from Russia, Afghanistan and Kuwait.

A slide in the Turkish lira against the dollar to record lows last summer prompted a spike in demand for Turkish homes from foreign buyers though the currency has recovered about a third of losses since then.

Wth the country's economy, however, dipping into recession in the fourth quarter of last year, the broader property market is feeling the pinch.

The total number of home sales recorded in Turkey last month fell by 18.2 percent to 78,450 properties.

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