Foreign purchases of real estate in Turkey are increasing at a rapid pace. Last year, foreigners bought properties worth $4.32 billion, reaching an all-time annual high.

In the past six years, foreign real estate purchases amounted to $16.29 billion, including $1.78 billion in 2009, $2.49 billion in 2010, $2.01 billion in 2011, $2.64 billion in 2012, $3.05 billion in 2013 and $4.32 billion in 2014. In the first two months of 2015, the figure stood at $590 million.

An important factor behind the increase is the amendment of a law that set reciprocity rules between Turkey and other countries. Earlier, a foreigner interested in buying a home in Turkey was subject to the same restrictions that his or her country applied to Turkish citizens. This reciprocity condition was lifted in August 2012, opening the door for citizens of 183 countries to buy homes in Turkey. The amendment led to a boom in sales in 2013 and 2014. Last year, foreign real estate purchases accounted for 33% of the $12.1 billion foreign direct investments in Turkey.

According to figures obtained by Al-Monitor from the Environment and Urban Affairs Ministry, foreigners owned 118,784 properties in Turkey as of the end of 2014. The figure had stood at 111,579 in August 2014.