Foreign investors' purchases of Turkish real estate jumped 65 % in July 2018, the highest growth since the beginning of 2018, according to data from the Turkish Statistics Agency. A real estate expert confirmed that the decline in the Turkish lira has opened the appetite of foreign investors to increase their investments in Turkish real estate.
Turkish currency price has dropped significantly during the last period, after the proclamation by US President Donald Trump to double the tariffs on US imports of steel and aluminum from Turkey, bringing the losses of the Turkish lira, about 40 % since the beginning of 2018.
Real estate sales rose by 6.9 % over the same period in 2017 to 123,900 units. Mortgage sales accounted for almost a quarter of sales with 30,000 and 400 units. Sales of units for the first time accounted for 46.5 % of total sales by 57,000 and 600 Unit, according to the Turkish Statistical Institute.
Turkish real estate expert Aziz Pakan said the Turkish real estate sector is promising and attractive, as it blends deep-roots and modernity. He added that the decline of the Turkish currency in the past period has been an additional attraction for the sector by foreign investors and opening their appetite for increasing their investments in Turkish real estate.
Pakan advised Turkish real estate investors not to sell their property and be affected by economic fluctuations, adding that the Turkish economy is strong, diverse and capable of facing US sanctions.
He believes that Turkey's trade and economic problems are temporary and can be overcome.
According to the data of the Turkish Statistics Agency, Iraqis issue the list of foreign investors and buyers of Turkish real estate by 584 units in July, with a growth of 99.3% year-on-year, while Iranian investors made a remarkable surge in purchases of Turkish real estate to 321 units, with a growth rate of nearly 334 % In July 2017.
In general, sales of Turkish property rose in July by 6.9 % over the same period in 2017 to reach 123 thousand and 900 units, Mortgage sales accounted for nearly a quarter of sales with 30,000 and 400 units.
Sales of units for the first time accounted for 46.5 % of total sales by 57,600 units, while Istanbul accounted for 15.7 % of sales, followed by Ankara 9.8 % with 12,100 units, and then Izmir with 5.1 % of total sales.
Istanbul is the first destination for foreign buyers by 956 units, followed by Antalya with 641 units, and Bursa with 176 units.
Turkey faces economic sanctions on Turkey's steel and aluminum exports due to political disputes between the two countries.
The Turkish economy ranks fifth in Europe and 13th in the world, with a population of 81 million.
Edited by: Imtilak Real Estate ©
Source: CNN Arabic
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