Is Now the Right Time to Invest in Turkish Real Estate?
With the economic changes and the ongoing pandemic, many potential investors are asking the same question: How has the Turkish real estate market fared?
The Rise of the Turkish real estate Market Amidst a Pandemic
Even amidst the challenges posed by Covid-19, the Turkish property market has demonstrated resilience. In September 2020 alone, over 41,000 new residences found new owners, with foreign residents acquiring 5,269 of these. Notably, Istanbul led the sales, with international investors playing a significant role. Iranian, Iraqi, and Russian investors were particularly active, with some also hailing from the UK, Germany, and the US.
Economic Optimism Fuels the Turkish Real Estate Surge
Driven by a robust annual GDP growth rate of 5.5%, Turkey’s economy ranks among the world’s fastest-growing. This optimism in economic performance is mirrored in the real estate sector, as both domestic and foreign investments continue to pour in.
Impact of the Turkish Lira’s Fluctuation
The real estate sector’s reputation as a safe investment bet holds strong, even more so with the recent developments in the value of the Turkish lira. The decline in the lira has made Turkish property even more attractive to international investors. Now, luxurious properties in prime Istanbul locales come at prices comparable to regular properties in less central areas. And while the currency value might fluctuate, the real estate market’s inherent value growth has historically outweighed these shifts.
Why Turkey is an Investor’s Dream
Investing in Turkish property promises long-term returns. The simplicity of property purchasing processes, combined with Turkey’s captivating culture and economy, makes it a top choice for global investors. As witnessed by increasing interest year on year, Turkey remains a hotspot in the international real estate arena.
Interested in diving deeper into Turkish property investments? Explore our comprehensive guide on Turkish real estate or reach out to our expert consultants today!
