RECORD OF HOME SALES TO FOREIGNERS IN TURKEY WILL BE HAPPENED BY THE END OF THE YEAR

By the end of 2021, the sector will set a new record in real estate sales to foreign investors, thanks to the program of instant citizenship when buying a property for a certain amount, market players predict.

“As you know, the previous record was set in 2019, when 45 thousand units of residential real estate were sold to foreigners. And although at the end of 2020 a decrease in this volume was recorded by almost 10%, there is every reason to believe that in 2021 the indicator of 2019 will not only be repeated, but also overcome. Especially thanks to the citizenship program "- Halit Sonmez recalled that in 2013-2021. foreign investors have purchased 225 thousand housing units, of which the bulk of them has been literally in recent years.

Halit Sonmez, representative of Al-Daar Investments in Turkey, assessed the volume and prospects of this market. Stating that another record should theoretically be broken by the end of 2021.

Halit Sönmez recalled that in just 2013-2021. foreign investors purchased 225 thousand housing units, of which the bulk of them - literally in recent years

Also, Mr. Seongmez stressed that, despite the increase in bank interest rates this year compared to the previous year, the volume of sales in the domestic market increased by 13%. And developers are waiting for the authorities to adjust credit rates, like last year, so that as many buyers as possible can decide to buy, having realized the so-called deferred demand.

The period from January to June 2021 was marked by a number of tenders for the sale of land, including new promising development projects. Thus, by the end of the year, several significant and important events for the industry can be expected on the Turkish residential real estate market at once.

Recall that housing in Istanbul, Izmir and Ankara has risen in price by almost a third over the year. Despite such a pronounced growth, there are still quite a lot of provinces in Turkey where real estate pays off in 20 years or less, and of all European megacities in Istanbul, it is most profitable to buy housing.