Arabs are in The Lead, What is The Reason for Foreigners Rushing to Turkish Real Estate
Foreign investors’ purchases of Turkish real estate jumped by 65% last July 2019, the highest growth rate since the beginning of 2018, according to data from the Turkish Statistics Authority, while a Turkish real estate expert confirmed that the decline in the price of the lira opened the appetite of foreign investors to increase their investment in Turkish real estate.
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The price of the Turkish currency witnessed a significant deterioration during the last period, after US President Donald Trump announced the doubling of customs duties on US imports of steel and aluminum coming from Turkey, bringing the losses of the Turkish lira to about 40% since the beginning of 2018.
Turkish real estate sales increased in July by 6.9% over the same period in 2017 to reach 123.9 thousand units, and mortgage sales represented nearly a quarter of sales with 30.4 thousand units, and unit sales for the first time accounted for 46.5% of total sales with 57.6 thousand units according to the Statistics Authority.
The Turkish real estate expert, Aziz Bakan, said that the Turkish real estate sector is promising and attractive, as it mixes tradition and modernity, adding that the decline of the Turkish currency during the last period formed an additional factor of attraction for the sector by foreign investors, and opened their appetite to increase their investments in Turkish real estate.
Bakan advised Turkish real estate investors not to sell their properties and be affected by economic fluctuations, adding that the Turkish economy is strong, diversified and capable of facing US sanctions.
He believes that the trade and economic problems that Turkey is facing are temporary and can be overcome. According to the data of the Turkish Statistics Authority, Iraqis topped the list of foreign investors buying Turkish real estate with 584 units in July, a growth of 99.3% year on year, while Iranian investors achieved a remarkable boom in their purchases of Turkish real estate to 321 units, with a growth rate of nearly 334% compared to a month ago. July 2017.
In general, Turkish real estate sales increased last July by 6.9% over the same period in 2017, to reach 123.9 thousand units, and mortgage sales represented nearly a quarter of sales with 30.4 thousand units.
Unit sales for the first time accounted for 46.5% of total sales with 57.6 thousand units, while Istanbul accounted for 15.7% of sales, followed by Ankara 9.8% with 12.1 thousand units, and then Izmir with 5.1% of total sales.
Istanbul is the first destination for foreign purchases with 956 units, followed by Antalya with 641 units, and Bursa with 176 units.
The Turkish economy ranks fifth in Europe and 13th in the world, with a population of 81 million.
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