Thinking about buying or selling Turkish Property? If you are concerned about the events surrounding the recent coup attempt in Turkey, we can understand that fully. But many experts are of the opinion that the event will not dampen the long-term interest that so many investors have in Turkey. Turkey is still one of the hottest overseas property destinations in the world.
However, the last few years haven’t been all that great for Turkey. First, the country was hit by a series of terrorist attacks. This was followed by the recent attempt by sections of the Turkish military to remove President Recep Tayyip Erdogan from office. This has prompted many international property investors to adopt a go-slow policy with respect to Turkey.
However, this is expected to be temporary, as the long-term outlook for Turkey is very much positive. You won’t have much trouble selling Turkish property to cash buyers because the interest in Turkey from investors from the Middle East, China and Russia remains very strong indeed. The fundamentals of the real estate market here are still very good, and the failed military coup has not changed anything at the ground level.
Indeed, Turkey remains on top of Knight Frank’s Global House Price Index for overseas property markets and has remained so for 4 successive quarters now. Home prices in Turkey have grown by 15% in the first quarter of 2016, which is remarkable, given the turmoil the country has been through recently.
Istanbul, as you would expect, is the best-performing housing market in Turkey and one of the best in the world. It ranks third on Knight Frank’s Global Residential Cities Index. The city has seen a 19.6% rise in housing prices over the last 12 months.
There is good news in store, finally. There’s been a thawing of relations between Turkey and Russia as President Erdogan has met with President Vladimir Putin. So there is a feeling that the Russian sanctions, which were imposed earlier this year in response to the ongoing conflict will soon be removed.
While there was a lot of pressure on the Turkish lira – it fell by 5% following the failed military coup – it has recovered much of the lost ground subsequently. Home prices are expected to grow at a much higher pace in 2023 than they did in 2022.
However, there are a few indications that foreign interest in Turkish properties has suffered a slight dip, because of the political events in the country. There has been an 18.7% decline in foreign interest in Turkey over the last 12 months. This can be because of other factors such as the drop in oil prices, which has affected investors from countries such as Saudi Arabia, Kuwait, and the UAE quite severely.
An attempt has been made to attract more cash buyers from China. Already, 300,000 Chinese visit Turkey as tourists every year. Many have taken their fascination with Turkey to the next level by buying properties here.
If you’re considering selling your Turkish property to cash buyers, it is important to hire a UK and Irish estate agent who specializes in selling overseas property fast for the task. They will have a lot more exposure to and a better understanding of the overseas property market than local agents.
If you need to sell property in Turkey fast to cash-rich investors contact the experts today.