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Kuwaitis are third largest buyers of Turkish real estate

December 24, 2016 at 1:13 pm

Kuwaitis bought 212 real estate properties in Turkey during November, making their country the third largest in a list of countries which buy Turkish property, official data revealed today.

According to the Al-Mugtama magazine, which reported the data, Iraqis bought 285 properties and Saudis bought 236, making Iraq and Saudi the first and the second in the list respectively.

The same magazine also said that Russians came in at number four on the list, buying 107 properties, with Afghans trailing behind at number five, buying 91.

Based on this data, real estate sales to foreign buyers decreased by 16.3 per cent compared to the same month the last year where foreigners bought 1,773 real estate properties.

Real estate sales in Turkey for Turkish citizens and foreigners together reached 13,655 sales during November, showing an increase of 25.1 per cent compared to the same month last year.

Still, the reduction of interest in foreign buyers is likely due to the perception that Turkey is suffering from increasing instability and insecurity, largely brought upon by the Syrian crisis, Kurdish terrorism and other radical groups such as Daesh.