The year 2017 saw a major jump in the real estate market in Turkey . The introduction of a new government law requiring the granting of Turkish citizenship to foreign nationals investing at least $ 1 million in property led to a wave of real estate investment in Turkey. This action, coupled with a low exchange rate The Turkish lira against foreign currencies indicated that real estate purchases by foreigners accounted for half of FDI in 2017, the first time in Turkey's history that property purchases preceded other foreign investments.
Turkey's real estate salesrose significantly in 2017 compared with the previous year. Foreign sales also rose, with foreign sales in Turkey rising by 70.9%, according to the annual report of the Turkish Statistics Agency (Turkstat) in October. Istanbul, Turkey's largest city in terms of population, led the list of cities with 1,321 sales in October for foreigners, followed by Antalya and the Northwest Bourse.
Turkestat data revealed that most of the home sales were for Saudi nationalities according to the nationalities of buyers. The Saudis bought 528 homes in Turkey in October. The source added that Saudi Arabia is buying Iraq 344 houses, Uzbekistan 278 houses, Kuwait 154 houses, Russia has 125 houses.
For the total sale of property in October, Istanbul also recorded the highest share of 17 percent, or 20,906 sales, while the capital Ankara and the province of Western Izmir 12,130 and 7,258 sales, respectively. "Sales of mortgaged homes throughout Turkey fell to 38,593, down 19.8 percent from the same month last year," the institute said, adding that "mortgage home sales were 31.4 percent of home sales in Turkey." Real estate sales in Turkey during 10 months 1,153,610 in 2017, while 1,066,085 homes were sold in the period from January to October 2016.
The fact that Turkey is a stable country with Islamic cultural values means that it attracts more and more buyers of Turkish real estate in the Middle East than ever before. Middle Eastern buyers looking for secure investments outside their own countries will also be candidates for Turkish citizenship by investing in Turkey.
There are two key factors that make Turkey the Middle East's investor destination for this year and beyond. The first is with Istanbul's status as a financial resource center, and the second is the solid rules of the Turkish state that strengthen its position as a global economic leader.
The Turkish government's relentless work to improve wealth to serve Turkey's rapidly growing middle class has boosted domestic demand for real estate. Turkey's youth education is growing, leading to an innovative and ambitious workforce. Higher per capita income, Delays in childbearing are factors that have led to increased disposable income, increased desire to purchase consumer goods, luxury and holidays and of course also purchase real estate. The government is feeding the home buying sector, supporting banks, reducing deposits and high rates of financing.
Some real estate professionals in Turkey believe that local demand for real estate investment has a positive impact on investors. Investors are aware that the real estate of Turkey whether the goal of buying new homes or still in construction is a successful strategy. The investor who buys in 2018 will sell his property within three or four years within a stable market, thus achieving a profitable profit. In recent years, real estate has flourished
After the value of the dollar reached almost 4 Turkish lira, the value of the pound strengthened in the last quarter of 2017 to reach 3.75 Turkish lira against the dollar. At the same time, Turkey announced that the economy exceeded expectations by 11% in the fourth quarter of the same year, pushing the annual growth rate to nearly 6%.
In 2018, Turkey's economic growth is expected to outstrip EU rates by 2.5, as well as beyond the giants of global markets such as the US and emerging markets such as India and China. The Lira is expected to remain around 3.60 to 4.00, Promotes stability and confidence in investment in Istanbul and Turkey.
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