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Buğra Gökce shares the number of homes sold to foreigners in 3 years! Three major cities stand out

Dr. Buğra Gökce, Deputy Secretary General of the Istanbul Metropolitan Municipality, has shared the number of homes sold to foreigners over the last 3 years. Pointing out that one out of every two homes sold went to one of the three major cities, Gökce stated that home sales to foreigners are destabilizing the market.

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As the housing crisis in Turkey deepens, sales to foreigners are also drawing attention.

Having recently commented that the housing crisis “will affect our survival,” Dr. Buğra Gökce, Deputy Secretary General of the Istanbul Metropolitan Municipality, made a new statement on his social media account.

HOW MANY HOMES WERE SOLD TO FOREIGNERS IN THE LAST 3 YEARS?

Stating that a total of 197 thousand 477 homes were sold to foreigners in Turkey between 2020 and 2023, Gökce underscored that one out of every two homes purchased by foreigners was located in one of the three major cities.

Gökce expressed that home sales to foreigners are destabilizing the market, noting that this situation also causes the problem of unused housing to deepen.

Here is the statement Gökce made on his X account;

“Between 2020 and 2023, 94 thousand 642 homes were sold to foreigners in the three major cities.

During the same period, the average home sale price rose from 521 thousand liras to 4.2 million in Istanbul, from 312 thousand liras to 2.4 million in Ankara, and from 510 thousand liras to 3.8 million in Izmir.

While a total of 197 thousand 477 homes were sold to foreigners in the 2020-23 period, approximately one out of every two homes purchased by foreigners was located in the three major cities.

The practice of selling homes to foreigners, on one hand, destabilizes the housing market in terms of price, while on the other hand, it deepens the problem of unused, idle housing. It is estimated that there are between 450 and 750 thousand vacant homes in Istanbul. The fact that these homes remain idle also reduces the supply of rental housing, affecting the housing market.

The sale of homes to foreigners is also being debated in many developed democracies. Canada suspended home sales to foreigners for 2 years at the beginning of this year. New Zealand banned foreigners from purchasing existing homes in 2017. Such measures had previously been implemented in places like Hong Kong and Australia and resulted in a certain degree of decline in housing prices.

Suspending home sales to foreigners across Turkey for a certain period would be positive for stabilizing the housing market.

To solve the housing crisis we are experiencing today, especially in our three major cities and across the country, there is a need to take steps that protect the right to housing and include the production and supply of holistic, diverse types of social housing.”