Turkish Real Estate Market Outlook
The Turkish real estate market is rising slowly but steadily making it a viable option for first time investors in the Middle East. Even though tourism is low at the moment, it has not had an effect on property purchases – there was a year on year increase by about 25% at the end of last year. Commercial banks have also started to offer cheaper loans as encouraged by President Erdogan and this has given the industry a much needed boost as well.
2016 was a good year for real estate in the country as seen by the almost 70% increase in the sale of mortgaged homes. The sales also accounted for a third of villas sold in the country as well as apartments in Istanbul and the trend is set to continue in 2017 as well. Consumer spending and property ownership is also set to increase locally as wages increase across the board.
The Lira’s loss in comparison to the US dollar is set to affect property prices in 2017 as well as developers have not yet increased their listing prices following the revelation. This might be corrected within the next couple of months as developers correct about 15% of the pricing to keep up with that drop. Currently, investors can cash in on the delay by taking advantage of the small window of opportunity it offers.
Istanbul in particular remains as attractive asset for foreign real estate investors in search of lucrative and sustainable opportunities. With its ideal geographic location, social welfare and recovering economic situation, it is little wonder why investors are flocking to the city from the Middle East and from all over Europe as well. In fact, 30% of all real estate sales are attributed to international investors alone and most of them hail from the Gulf.
This fact is based on stats. According to the city’s Culture and Tourism Directorate, almost 20% of the more than 7 million tourists to Istanbul come from the Middle East and many make investments before returning to their home countries. This has allowed the city in particular and the country in general to become a leading market in the global real estate scene.
ALAProperty has been aiding foreign investors and especially those from the Middle East make lucrative investment decisions in real estate in Turkey. We started operations back in 2010 and have a head quarter in Istanbul itself. These investments have resulted in big returns with aid from strategic marketing practices for apartments in Istanbul as well as residential villas. If you are searching for apartments for sale in Turkey or want to invest in Turkey in general we can help by helping you find assets that can maximize your profit. All you have to do is get in touch with us.
For more information contact us by dialing +90 212 235 64 14 or fill out our query form with any questions. We will get back to you as soon as possible and are always here if you need advice and counseling.