buying apartments in turkey

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buying apartments in turkey



”Deggin predicted that when the lira stabilizes, the buying surge from outside the country will double as some investors with deep pockets were waiting on the sidelines as they were more risk averse.Up to 2017, he said “if you had dollars in your pocket your investment was going up in value because the price increase was on average higher than the depreciation of lira.”The big question now is what happens if the crisis worsens with a further cranking up of tensions between the US and Ankara.Kate Everett-Allen, of global property consultancy Knight Frank, told Arab News: “Turkey has faced a number of political, economic and financial crises in recent years and yet, despite this, foreign interest has proved largely stable.”

Between January and March 2017, there were 4,316 houses for sale in turkey to foreign buyers, in the same three-month period in 2018 this figure increased to 5,367 according to data from the Turkish Statistics Office, Turkstat.For foreign investors, a 10 million-lira villa that would have cost roughly $1.9 million a few weeks ago, would now set them back only $1.57 million, a hypothetical saving of more than $300,000, according to Julian Walker, director of Spot Blue International Property, a London-based Turkish real estate portal, cited in a report by Mansion Global.Walker said that tourism fuels the property market and this year had already been exceptional in spite of the state’s woes. Turkey logged a record 11.5 million foreign tourists in the first five months of 2018, a 30 percent jump over the same period last year, according to the Culture and Tourism Ministry.Turkey saw a 22 percent spike in home sales to foreign buyers in 2017, according to a year-end report from the Turkish Statistical Institute.
However, not everyone is relaxed about the istanbul property market. The Guardian warned in a report on Aug. 23 that Turkey’s construction boom was built on cheap foreign loans and that with many construction materials sold in dollars, a crash could be round the corner with developers going bust.Citing Kajin Bulut, who has worked in senior positions in forecasting and sales for a number of Turkish construction firms, told the Guardian: “The construction sector is like the head of a train — if it goes, the whole country goes.”