In the real estate world, Turkey is one of the most prominent destinations that continues to attract the interest of investors and buyers over the past several years and in July 2023, Turkey once again demonstrated its strength and attractiveness in the real estate market, as nearly 2,800 properties were sold in this month alone and this remarkable achievement indicates the continued success of the real estate sector in Turkey and the great confidence enjoyed by the real estate market in this country located at the intersection of Asian and European continents, as so we will explore the reasons for this recovery in the Turkish real estate market and how multiple factors affected this remarkable achievement in July 2023.
The first place in real estate sales in Turkey was occupied by the Russians
With the increasing demand by Russians for their real estate investments in Turkey, due to the changing geopolitical situation, especially with the escalation of tensions resulting from the Russian-Ukrainian events, the Turkish real estate market is witnessing a remarkable rise in Russian purchases of real estate in various parts of the country.
This boom was evident in July of the year 2023, when the Russians topped the list of the most nationalities buying real estate in Turkey during that month, as 772 properties were purchased in various Turkish states, followed by the Iranians in second place by purchasing 272 properties, while the Iraqis ranked third by purchasing 204 different properties, this increase in the number of properties that were sold reflects the impact of regional and global developments on the preferences of investors and buyers in Turkey.
Exclusive information about the decline in real estate sales in Turkey in July 2023
The percentage of real estate sales in Turkey to foreigners decreased by 28.9% during July, as the properties that were sold to foreigners in this month reached 2801 properties, which affected their share in the real estate market in Turkey to become 2.6% of the total real estate sales.
In this context, according to the data of the Turkish Statistics Authority, the total real estate sales during July amounted to 109,548 properties, and with the economic measures implemented by the Turkish government to face inflation challenges, experts expect sales rates to change in the coming months in various regions of Turkey.
Reasons why business leaders flocked to real estate in Turkey
1. Turkey's economy is strong and stable, which creates a favorable environment for real estate investments and attracts foreign investors who want to buy real estate in Turkey.
2. Turkey occupies a strategic location between the European and Asian continents, which makes it a center for real estate trade and investment in various types of real estate.
3. Türkiye is constantly improving its infrastructure, which increases the attractiveness of real estate.
4. Offering programs to obtain citizenship through real estate investment in Turkey, which attracts purchases for investment and citizenship purposes.
5. The rental sector in Turkey is promising, as businessmen can achieve good returns on their investments.
6. The country's political stability makes it a haven for long-term investments.
7. Turkey has a rich culture and historical heritage, which increases its attractiveness to investors.
8. The tourism sector in Turkey is active and growing, which brings investment opportunities in real estate.
9. Cities like Istanbul and Antalya are experiencing rapid development in their infrastructure and real estate.
10. Despite the quality and diversity, real estate prices in Turkey remain appropriate and acceptable.
11. Its policy towards foreign investors allows them to own real estate easily.
12. Turkey is witnessing a remarkable growth in real estate development.
13. The legal system provides transparency and security in procurement processes.
14. Turkish cities offer a modern and comfortable lifestyle.
15. The provision of education and health care increases Turkey's attractiveness to families.
16. The government stimulates investments through development projects and infrastructure improvement.
17. Turkey hosts a diverse community of different nationalities and cultures, making it a lively place.
What is the right time to buy real estate in Turkey?
1. Periods of decline in prices are usually good buying opportunities and these periods correspond to economic fluctuations or political conditions and better buying opportunities can emerge during these times.
2. During periods of economic recovery and real estate market growth, real estate prices in Turkey may increase, so buying real estate during these periods may be a good investment.
3. In the summer, when many tourists visit Turkey, there may be an increase in the demand for real estate in Turkey, and this can positively affect the market.
4. When there is political and economic stability, times are good for investing in real estate.
5. When specific areas are seeing intense real estate development, this can be a good time to invest.
Will real estate prices rise in Turkey?
Real estate prices in Turkey are affected by multiple and variable factors, these include general economic factors, supply and demand for real estate, fluctuations in government and legislative policy, and global and local events despite this, Turkey is witnessing continuous activity in the real estate market, and some expect that the demand for real estate will continue to rise.
Istanbul is popular as an investment and residential destination and is witnessing a constant demand for real estate in it, however, it is important that investment decisions are made carefully and based on a comprehensive analysis of economic conditions and local and global factors affecting the real estate market in Turkey and it is advised to collaborate with real estate experts and financial advisors to obtain objective advice and informed investment decisions
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