Reasons for Turkey's Property Sales Growth in 2022

If you are interested in the Turkish real estate market, you will find that Turkish real estate sales are increasing significantly year by year, but what is the justification for it? In this article, the Property Superiors editorial team brings you a comprehensive report containing the most important information about the growth of property sales in Turkey that will interest you.

Check out the reasons for the increase in property sales in Turkey:

Recently, property sales in Turkey have increased dramatically as Arabs and foreigners flock to buy from all over the world.

1 - Citizen's desire:

One of the reasons for the increase in property sales in Turkey is the desire to obtain Turkish citizenship, as foreigners are required to purchase real estate worth at least $400,000.

The procedure takes about six months and there is no residence permit.

Turks who acquire citizenship by investment also enjoy free access to education and healthcare, as well as visa-free travel to over 100 countries.
If you look at the statistics, you will find that more than 40% of people who wish to own real estate in Turkey have their citizenship.

2- Encourage real estate prices:

Rising property prices in Turkey have attracted many investors to buy real estate in the country. One of the reasons for this is that property prices in Turkey are much lower than in other countries. Another reason for the increase in sales is that the Turkish government provides incentives for foreigners to buy property in Turkey. These incentives include tax credits and residence permits.

For foreign buyers, the Turkish lira has lost about 30 percent of its value against the dollar since the beginning of 2018. Foreigners bought around 50,000 properties in Turkey in the first nine months of 2019, a significant increase compared to the same period last year, according to data from the Turkish Statistical Institute.

The most popular cities for foreign buyers are Istanbul, Ankara, Bursa, Yalova and Antalya. Istanbul alone accounts for nearly 40% of total overseas sales.

3- Exchange rate of Turkish lira against foreign currencies:

The Turkish lira has been falling against major currencies since the early 2000s. This consumption makes Turkish real estate relatively affordable for foreign investors. In addition, the Turkish government has implemented several reforms to make the country more attractive for foreign investment.

4- Social Diversity in Turkey:

One of the reasons for this growth is Turkey's social diversity. This is a country with a diverse population. People from all over the world call Turkey their home, and this diversity is reflected in the real estate market as there is a growing demand for properties that suit different lifestyles and budgets.
This has led to an increase in real estate projects, offering a wide range of options from luxury apartments to affordable housing.

What Will You Find in the Turkish Real Estate Market?

One of the main reasons for the increase in property sales in Turkey is the opportunity to buy in a number of ways, mainly:

1 - Turkish real estate installments:

Turkey's real estate consultation system is one of the best and most important investment systems to encourage foreign buyers to own real estate in Turkey, as this system involves real estate ownership and protects the buyer's funds.

The advantages of buying property in Turkey in installments include:

First of all, you can own a property in Turkey without any hassle. All you need is a passport (for foreigners) and a residence permit, which entitles you to own your property like any other property belonging to a Turkish citizen.

Second, you can get a real estate loan from any Turkish bank to buy your property in installments.

Third: the possibility to sell or rent your property at any time, as there are no restrictions on this.

Fourth: The installment term when buying a property in Turkey is 7 years, which gives you enough time to pay off your debts stress-free.

Fifth, there are many options for buying real estate, whether it’s a condo, a villa, or land that suits all budgets.

2- Properties under construction in Turkey:

Construction activity in Turkey is growing rapidly and many new projects are popping up in Istanbul and other major cities. Properties under construction in Turkey can be a good investment for those looking to buy property in the country.

There are some advantages to buying a property that is still under construction, the most important of which are:

First, you might get a discount on the purchase price.

Second, you can often choose finishes and accessories for your property and customize it to your liking.

Third, you can take advantage of the generous tax benefits that the Turkish government offers to new home buyers.

Investors looking for unique opportunities and buyers looking to customize a home are the most likely candidates.

3- Ready-made properties in Turkey:

There are many advantages to buying a house ready to move in Turkey, the most important of which are:

• The main advantage is that you don't have to wait for the house to be completed. This can save you a lot of time and money.
• Another benefit of buying ready to move is that you can have confidence in the quality of the build, whereas when you buy an off-the-plan property you may be at risk of lower quality due to the construction company's manipulation of specifications. In a ready-to-live-in house, that's unlikely.
• Prefabricated houses in Turkey are also a good option for investors who want to rent out properties. These properties are more attractive to tenants than unfinished properties. Since it is already built, the risk for investors is lower.

Follow our website regularly for the latest developments in the Turkish real estate market and the main topics of interest to you.