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Feb 5, 2023

The Real Estate Market is Booming Due to Government Laws and Commercial Offers

The real estate market in Turkey is witnessing a boom and recovery, supported by a package of measures taken by the government, along with commercial offers for companies and discounts of more than 20 percent in an effort to increase sales.

The expectations of experts and specialists estimate the increase in real estate sales to foreigners during the current year as a result of several main factors, foremost of which are the new policies adopted by Turkish companies, and the high exchange rate of the dollar.

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Real estate sales to foreigners increased by 25.8 percent in April 2019, compared to the same month of 2017, according to the Turkish Statistical Authority. Sales of the first three months of this year increased by 20 percent over the same period last year.

The real estate market in Turkey is witnessing a boom and recovery, supported by a package of measures taken by the government, along with commercial offers for companies and discounts of more than 20 percent in an effort to increase sales.

Foreigners made extensive purchases of real estate in the Turkish market during the past 15 years, from 2003 to 2017, amounting to about 42 billion dollars, according to official data.

Experts and specialists said in conversations with Anatolia that the new law for investors to obtain Turkish citizenship has contributed to a significant increase in sales recently.

The real estate market is booming due to government laws and commercial offers. The law stipulates the possibility of obtaining Turkish citizenship, as a result of owning a property worth 400,000 dollars, instead of one million dollars, in addition to the real estate residency granted by the government to real estate owners.

Several real estate companies have recently established discounts of up to 20 percent of the total price of the property, and after a down payment is made from the buyer to the real estate company, the rest of the price is paid in installments from 24 months to 60 months.

 Suspicious campaigns

Abdullah Al-Rifai, a real estate expert, said that the growth of the real estate market continues, despite the political events in the region, or Turkey itself, especially with some suspicious campaigns targeting the tourism and real estate market in Turkey.

Al-Rifai indicated in his speech to Anatolia, that "the Gulf people are still the most popular in the Turkish real estate market, and we have not noticed any significant changes."

Iraqis topped the list of foreigners buying real estate in Turkey last April, followed by Saudis, Iranians, Russians and Afghans, according to the Turkish Statistics Authority.

Al-Rifai stressed, "The decline in the Turkish lira is a good opportunity to buy property in Turkey, and indeed there is a demand from hard currency owners to buy property in Turkey."

“The laws set by the Turkish government contributed to the increase in sales, and we noticed that some government agencies involved in construction did good promotion, as sales in some places more than doubled,” according to Al-Rifai.

He continued, "Investors of different nationalities in the Gulf, such as Saudi Arabia, are now looking for a safe haven with their families, and this contributes significantly to the increase in the number of people who buy the property."

New laws

For his part, Ratib Al-Qadasi, an expert in Turkish real estate affairs, said that "the demand for real estate purchases increased in the last six months from the Gulf countries, especially from Qatar and Kuwait, due to the current reductions and new laws."

In his interview with Anadolu Agency, Al-Sadisi pointed out that “government laws have greatly contributed to increasing sales inside Turkey, and it is expected that things will move better after the elections.

Turkey will witness parliamentary and presidential elections on the 24th of this month, after Turkish President Recep Tayyip Erdogan announced, last April, the holding of early elections.

Al-Sadisi said that "the economic policies in the Gulf countries are making thousands of foreign investors head towards Turkey, because of the safe economic laws that protect investors."

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