Jan 06 2019

Iranians buy real estate in Turkey's Izmir, skyrocketing prices

In the last ten months, over 8,000 Iranians bought real estate in Turkey's western city of Izmir, according to data given by the Turkish Statistical Institute (TUIK), Turkish news site T24 reported on Sunday. 

The city of Izmir is leading an increase in Turkish house prices as people migrate to the city from Istanbul and Ankara. Prices in the city rose three times faster than in Istanbul, where they climbed 6.3 percent, below the national average of 10 percent, according to pro-government daily Sabah. 

Izmir Chamber of the Real Estate Agencies (IZEKO) Chair Mesut Güleroğlu said foreigners prefer to invest in Izmir due to the low prices comparing to other metropolitans like Istanbul and Ankara. 

"There is a huge demand in Izmir. In the last ten months, over 8,000 Iranians bought real estates in the city. The buyers prefer Izmir because the prices of the real estates are lower comparing to Istanbul and Ankara; also the quality of life in Izmir is higher," Güleroğlu said. "However, the prices are on the rise. Investors who want to purchase real estate in Izmir should hurry up," he added. 

People from Iraq also have been investing in real estate in Turkey. Iraqis prefer coastal cities near the Black Sea, while Iranians favour the western cities like Izmir, Muğla, Istanbul and Ankara, according to TUIK data.