The normalization plan has been set in Turkey in order to get Turkey back to rails after COVID-19. Turkey is considered to be a shining example in managing this pandemic. In order to support its economy, important contracts signed with China to boost the COVID19-stuck economy. On the national front the mortgage interest rate for Turkish nationals, reduced to 0.64% with installment payment period of 15 years (no payment for first 2 years).
Does this policy have an impact on foreigners buying property in Turkey?
With the implementation of these reduced interest rates, no payment for 2 years and a payment plan of 15 years the demand in real estate sector will increase significantly. More demand by locals will increase price and might show less flexibility by developers in offering discounts and payment plans.
Emlak Konut, government’s real estate investment company, has already stopped sales of few projects to foreigners. This will lead an increase in price of privately owned construction companies. Due to this increase in price growth and more demand, more foreign investors are likely to invest in the real estate, pumping dollars in the economy, increasing the foreign reserves of the country and strengthening the Turkish Lira.
What to do now, as a foreign buyer?
This is the right to make use of Online Sales; it is the high time to buy. You can book your property in USD 1000, which will lock the price and you will get 4 weeks to pay the amount. Because in a couple of months the situation of real estate will change, there will be a considerable difference in prices due to high demand from local buyers.