In the second half 2020, reduced interest rates led to a sharp increase in property sales, as Turkish buyers re-entered the market thanks to mortgages becoming more attainable.
In 2021, property sales have been further boosted by the resurgence of foreign buyers entering the market.
The Turkish property market increased by 16.2% YoY in the month of May, out of which an impressive 1,776 properties were sold to foreign buyers, representing a 106.5% increase from the previous year, with over half of those sales taking place in Istanbul alone, according to the Daily Sabah News.
The Chairperson of Turkey’s Real Estate International Promotion Association (GIGDER), Faruk Akbal, said he expects 2021 to be a record-breaking year for property sales, with current demand forecasts leading them to project sales in excess of 50,000 units to foreign buyers, contributing more than $7B to the Turkish economy.
It should be noted that the sharp increase in foreign demand is not solely due to Turkey’s highly successful CIP program, as it accounts for just 20% of overall sales, indicating that Turkey is an attractive destination for lifestyle and investment opportunities.
At CIP Turkey, we have seen foreign investment demand continually grow over the nearly 20 years that we have been involved in the market.
If you are interested in exploring ways in which you can collaborate with us and enter a dynamic market at the hub of Eurasia, then do not hesitate to get in touch with us.
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