Property investors have been flocking to Turkey in a bid to grab houses and apartments following lira's steady decline against the dollar and euro.

Residential property sales in Turkey to foreigners more than doubled in August compared to the same month last year, the Turkish Statistical Institute (TurkStat) reported Wednesday.
Residential property sales in Turkey to foreigners more than doubled in August compared to the same month last year, the Turkish Statistical Institute (TurkStat) reported Wednesday. (AA)

The Iranian currency the Rial is losing value because of growing political instability and US threats of economic sanctions.

Now, those Iranians who can afford to, are looking to invest their capital abroad. 

And for many, Turkey is an increasingly popular choice.

But it's not just Iranians rushing to buy properties in Turkey.

Iraqis, Saudis, Russians and many others are showing great interest too.

And according to government records, in August this year, foreigners purchased 130% more properties compared to the same period last year.

But there's also a potential downside.

The increased foreign demand for properties may result in higher property prices for domestic investors.

TRT World's Hasan Abdullah reports.

Source: TRT World