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Posted On: 22/11/2011
The Turkish General Directorate of Land Registry caused a stir last year when they revealed figures on foreign ownership of Turkish property, showing Brits as dominant with 32,000 owners, followed by Germany and then Greece. This November they have published new data showing that Brits are still on top, now with 35,656 owners making up 29% of the total 123,000 foreign owners in Turkey, beating Germany's 28,306 (23%) and still-in-third Greece's 10,859 (9%).
Several reports lately have indicated a sea-change in international sales of Turkish property, with Russians overtaking Brits in some regions, and Arabs also becoming a sizeable force in the market Now we see that the Land Registry is still showing the same countries dominating, so who's right?
They both are. The Land Registry data is all-time data, that is the number of buyers from each nationality who have bought in effect since 2002 when foreigners were first allowed to buy in the country. While the recent reports are concerning short term trends, it will take several years for the new buyers to catch up with Brits, Germans and Greeks, and they will need to be buying a lot more property than them to do it at all.
In order to speculate as to whether Brits are losing their grip of dominance, all we can do is look at their growth in comparison with the total growth. Foreigners had purchased 104,000 properties in total as of June 2010, and by November this year this had become 123,000. This is a growth of 19% in almost a year and a half, 18%. During this time the number of British owners increased by 3,565, which is a growth of 11%, somewhat slower than the overall growth.
That is all we have to go on, the data from these Turkish bodies comes in press releases, very few of them publish full data in English, or even make it available for translation online. It will be interesting to watch the data over the next few years and see if British owners continue to grow so strongly or if they are taken over by other nationalities.
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