Housing sales in Turkey to foreigners jumped 48,4% to a record high in November, according to official figures released today, as the plunge in Turkish lira made purchases significantly cheaper for those buying with 'hard' currency. .
The real estate market was broadly robust in November, with total sales up 59% year-on-year to 178.814 homes, according to the Turkish Statistical Service.
The 7.363 properties sold to foreigners were the highest monthly level since data began to be collected in 2013. Most foreign buyers were Iranians, followed by Iraqis and Russians.
The pound plunged to a record low of 14,99 against the dollar yesterday, Monday, which represents a halving of the currency's value this year. At the current level of 14,2 the pound is more than 40% weaker than at the beginning of September.
Real estate sales to foreigners were strong throughout the year, rising 39,4% in the first 11 months, while total home sales fell 9,2% in the 11-month period, compared to a year earlier.
The most popular area for home sales to foreigners was Istanbul, with 2.922 sales, followed by the southern resort of Antalya and the capital Ankara.