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Are British Buyers Really Still Dominant in Turkey?

Posted on Nov 24 2011 by spotblue

This week saw some very interesting data released by the Turkish General Directorate of Land Registry. Not interesting on a global scale, but to those who follow Turkey’s property market from an international perspective it was very interesting indeed. The body released data on foreign ownership in Turkey showing Brits are still dominant. However, this is overall data, recent reports indicate that Brits are no longer dominant, and this data suggests that they are right.

According to the data British buyers are dominant in the market, with Brits now owning 36,656 properties in the country some 29% of the total 123,000 foreign owners. This is up from 32,000 last June when they were also the largest owner-group. Germany is still in second since last June, with Germans now owning 28,306 (23%). Third place is also the same as in June, Greeks now own 10,859 properties (9%).

These figures would seem to fly in the face of recent reports on the new dominance of Russian buyers in some areas, as well as the influx of Arab buyers fuelled by the Arab spring. However, we must remember that this is all time data, Brits started buying in Turkey in 2002 and have been buying heavily in the country since 2005.

To get an idea of whether Brits are slipping back in their dominance we can compare their growth to overall growth in foreign buyers.  Last year foreigners had purchased 104,000 properties in Turkey in total, and this has increased to 123,000 this year, that means 19,000 buyers since last year. During this time there were 3,656 British buyers. This means that British buyers made up 19.2% of the total during this time, well off their 29% domination at present.

 

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