Are you considering selling property in Turkey? Perhaps you are worried about the current state of the Turkish economy. The Turkish Lira, in particular, is in a free fall.
The currency has depreciated by more than 40 percent since the start of the year because of the fallout of many countries with Turkish President Tayyep Erdogan.
The more the Turkish government tries to shore up the Lira, the higher it falls. People are selling the Lira at home and abroad. There seems to be no end in sight to the constant and continuous fall of the Lira.
If this has forced you into thinking about selling overseas property in Turkey, that is completely understandable. You want to get out of there before it gets any worse.
Fortunately though, there are a number of foreign investors who are attracted into the Turkish property market for this very reason Russians, Scandinavians, Chinese, Europeans, Americans, Australians, Irish, Britons and most importantly, high net worth Arab investors. They all want to buy property for cheap in Turkey, attracted by the big fall in the currency.
As Kate Everett-Allen, of the leading global property consultancy Knight Frank, says in an interview with the Arab News: “Turkey has faced a number of political, economic and financial crises in recent years and yet, despite this, foreign interest has proved largely stable.”
That is indeed true. There are many rich investors from the war torn regions of the Middle East, such as Iraq, Jordan, Syria and Tunisia who are looking for a new home in Turkey. Wealthy Arabs from the USA and Saudi Arabia have also shown a lot of interest.
Arabs are attracted to Turkey mainly because of the superior lifestyle there. More than the property itself, they are excited about living in Istanbul, one of the most hot and happening cities in the world.
To be fair, apart from the recent political turmoil in Turkey which started after the attempted coup against President Erdogan, Turkey is a remarkably stable country socially, economically, culturally and demographically.
That’s why the fall in the Lira has only encouraged more foreign investors to buy property in Turkey.
Russians and Chinese, in particular, aren’t too bothered about the negative perception about Turkey in the West. Many wealthy Russians and Chinese have already invested heavily in Turkey’s property market.
Consider this: A villa in Istanbul that would have cost $1.9 million only a few weeks ago, will now cost the buyer $1.57 million. That is a massive saving, no matter which way one looks at it.
Now, if you are planning to sell property in Turkey, then it is important that you should do it fast. The longer you wait, the more it could fall. Of course, you could just hold on to the property and wait for things to improve, that’s up to you.
Contact an overseas property specialist who can help you sell overseas property in Turkey as quickly as possible.