Saudis are largest investors in property in Turkey

Nationals of Saudi Arabia were the highest foreign investors in property in Turkey in June, Iraqis ranked second and Kuwaitis third, according to figures released by the Turkish Statistics Agency.

Saudi citizens bought 612 properties last June, while the Iraqis purchased 239 properties, followed by the Kuwaitis with 136. Russian nationals purchased 115 properties and Brits 87, according to Asharq Al-Awsat.

The data showed that sales of real estate to foreigners in Turkey increased in June by 24.8 per cent compared to the same month in 2016 and that the total number of sales reached 1,926 properties. It also showed that investment was highest in Istanbul, with 903 properties sold in June, a further 408 were sold in Antalya, 93 in Bursa and 77 in Aydin. The Turkish capital, Ankara, witnessed the sale of 68 68 properties.

Real estate sales in Turkey fell by 8.1 per cent in June compared to the same month last year, the figures revealed.

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Saudi Arabia also provided Turkey with the highest tourist numbers and spending with 45.3 million liras ($10.3 million) spent by its nationals in the first six months of the year.

Kuwaiti tourists, who made up the second largest nationality of visitors, spent 35.3 million liras ($10 million). This was a 29 per cent increase in spending per person.

The Iranian tourists ranked third, and their spending on shopping in the first six months of this year reached 33.3 million Turkish liras ($9.3 million), marking an increase of 18 per cent.

Chinese tourists ranked fourth, and their spending rose by 119 per cent in the first six months of this year compared to the same period last year.