As one of the most popular countries for foreign real estate investors, Turkey continues to gain in attractiveness. The number of houses sold to foreigners, which accounted for 1% of total house sales in 2013 and amounted to 12,000, gained momentum from 2016. The growth rate of the sector increased notably with the ordinance that came into effect in September 2018, lowering the investment floor of citizenship to $250,000. In this process, steps were taken to institutionalize the sector under the influence of NGOs, including Antalya Homes, and bottlenecks in the sector began to be eliminated with regulations made in legal processes. Along with all these developments, the sale of apartments to foreigners in 2019 amounted to 45.5 thousand units, reaching 3.4% of the total home sales.
We can also look at the question of whether it is the right time to buy a house in Turkey in terms of price developments. As can be seen in the chart below from IGD, if we look at the gold-based house price index in Turkey, we see that the index, which was accepted as 100 in 1988, peaked in 2007 at 379 and was at 114 in the second quarter of 2020 at its lowest level. If we compare prices on a m² basis with the value of gold, while 1 m² in 2015 equaled 60 grams, in 2020 it fell to 21 grams. We should add that the market started to revive with the reduction in lending rates , to support the domestic market at this level. In this direction, we observe that an upward trend in prices has started. In June 2020, house sales in Turkey reached 190,000 12 with a record increase of 209.7% compared to the same month last year.
Kaynak: İGD *
We can say that this period is a good time to buy property from Turkey, especially for foreign investors.
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