Are you looking to sell property quickly in Turkey ? This year should be a make or break year for the real estate market in Turkey, for a number of reasons.
Here’s a look at the top 5 real estate trends for Turkey.
#1: The uncertainty over the political situation in Turkey is set to continue.
Turkey has been hit by a series of terrorist strikes recently. Hundreds of people have died in such terror attacks, including many foreign tourists. This has certainly made many nervous about investing in Turkey. What has made the situation worse is the series of human rights violations carried out by the Erdogan administration in response to the failed military coup. Already, the European Commission has signalled its unwillingness to make Turkey a full-fledged member of the EU. This could put off some investors from buying property in Turkey.
#2: The Lira’s fall against the US dollar will result in lower property prices.
The Turkish Lira has dropped in value against the US dollar over the last few months. This could have a direct effect on property prices. Real estate developers in the country have predicted a correction of about 15 percent in property prices. As of now, nothing the government does seems to work and the Lira’s fall continues. Eventually, towards the second half of 2017, one expects the Lira to stabilise.
#3: Middle Eastern Investors will continue to buy properties in Turkey.
While there is no doubt that the political uncertainty in Turkey has put off many British, German and US investors from buying property there, there seems to be no let up in demand from Middle Eastern buyers.
Indeed, wealthy Arabs are amongst the biggest buyers of Turkish property. The Arab investment in real estate in Turkey has been increasing by 8 to 9 percent every year. It is expected to increase even further in 2017, because of the uncertainty in Europe and North America on accepting immigration of people of Middle Eastern origin.
#4: Russian buyers will be back in Turkey.
Russians have always been big investors in Turkey, but the recent political conflagration between Russia and Turkey has led many Russian buyers to desist from investing in the region. This was, of course, because of the sanctions imposed by Russia on Turkey, following the downing of a Russian jet by the Turkish military.
Since then, things have thawed a little between the two nations. The sanctions were lifted last year during July because of a personal initiative shown by the Russian President Vladimir Putin and his Turkish counterpart, President Tayyeb Erdogan. So the Russians seem to be back in Turkey. Generally, Russian buyers prefer to buy in the Antalya and Alanya regions.
#5: There is an increase in domestic demand for property in Turkey.
If you are really anxious about selling property in Turkey fast, you might want to target local buyers in the country. Turkey has a large middle class with high disposable incomes, who are eager to invest in property in the country. The domestic demand for real estate has increased by 17% to 25% over the last 12 months, which is certainly great news for everyone concerned.