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Turkey sees 81.8% surge in foreign homebuyers

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Houses on the Bosphorus, Istanbul

The number of foreigners buying property in Turkey rose by 81.8 percent year-on-year in June, helping the number of sales to rise by 11.7 percent to 150,509 homes.

New data from the Turkish Statistical Institute, issued on Tuesday, found that a total of 8,630 foreign nationals bought homes in Turkey in June, with Russian buyers topping the list with 1,887 sales, followed by Iranians (987 sales), Iraqis (807 sales), Chinese (377 sales) and Germans (329).

Foreigners accounted for 5.7 percent of total sales in June.

Mortgages were similarly on the rise, up 63.5 percent year-on-year in the first six months of the year and account for about a quarter of all house sales.

The data also showed that second-hand homes account for 70.3 percent of sales. In June, the most popular location with buyers was İstanbul, accounting for 18.6 percent of sales, followed by Ankara with 8.8 percent and İzmir accounting for 5.5 percent of completed sales.

It was also reported on Tuesday that Saudi Cable Company (SCC) sold a residential villa in Turkey worth 40.9 million Saudi riyals ($10.91 million).

In a bourse filing to the Saudi Exchange, SCC confirmed that it had made a profit of 5.5 million riyals on the sale.

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