The Turkish Property Market: Why Now is the Best Time to Invest
The Turkish property market is primarily driven by local buyers, with 95% of transactions made by Turkish nationals. This trend emphasizes the confidence locals have in real estate as a solid investment.
Government Initiatives Boosting Demand
Recently, the Turkish government took significant steps to stimulate the market. Following the lockdowns and challenges posed by the COVID-19 pandemic, interest rates for mortgage credits were reduced from 0.95% to 0.64%. This change made borrowing more affordable and encouraged buyers to explore real estate options.
As a result, sales offices experienced a surge in activity. In just one week, over 100,000 Turkish buyers visited sales offices. This enthusiasm led to the purchase of 3,000 independent units, totaling more than $500 million in transactions within that short time frame.
Investing in Turkish Real Estate
As a Turkish real estate agent, I always advise my clients to follow local trends. Currently, it’s one of the best times to invest in the Turkish real estate market. The prices are relatively low compared to previous years, making it an attractive opportunity for potential investors.
Additionally, with the recent increase in the USD/TRY exchange rate, we anticipate higher prices for new projects. Thus, buying now could yield significant returns in the near future.
Conclusion: Follow the Local Buyers
In conclusion, always keep an eye on local buyers and market trends. Their behavior often signals the best times to invest. By staying informed and responsive to these trends, you can maximize your profits in the Turkish real estate market.
