Real estate in Turkey ... sales above expectations for foreigners!

Turkey has proven that it has successfully passed all the Corona exams. It is continuing the challenge path in the real estate sector for the fourth month in a row, especially during the last two months. 

Turkish real estate market in numbers 2020

From June to July, Turkish real estate is stable, and sales numbers are rising, as the Turkish Statistics Authority set a record in the sale of Turkish real estate, which amounted to 229,357 properties, a growth rate of 124.3% when compared to sales in July 2019, while real estate sales during Last June, 93,704 real estate, an increase of 14 times over the same month last year. 

The importance of real estate sector in Turkey

The real estate sector in Turkey during the elapsed period contributed to the revitalization of more than 250 other sectors from various fields, especially in light of the facilities approved by Turkish banks in favor of those who are going to buy apartments for sale in Turkey or buy real estate in Turkey in general, which revived the real estate sector despite the recession.

Turkish Economy Situation 2020

The situation in the Turkish economy has been affected by the global crisis because of the closure of markets and the contraction of exports and imports since the start of the outbreak of the Corona epidemic, which is continuing until writing the words of this article. 

To revitalize the real estate sector, the Turkish government announced a package of solutions and economic facilities to support people with low incomes and those wishing to buy apartments for sale in Turkey with the aim

of owning and to encourage the return to normal life gradually. 

Steps Taken By Turkish Government

Among the most important bold steps taken by the Turkish government as part of its plan to mitigate the effects of the global epidemic, we find that public and private banks, allocate loans for the benefit of citizens at a low interest rate for anyone who wants to buy real estate in Turkey by citizens, in addition to the long-term privilege for all.

Profit rates on housing loans provided by Turkish banks to citizens ranged between 0.075% and 0.085% of the monthly payment value of the property. 

Real estate in Turkey: Can foreigners benefit from Bank facilities? 

Speaking to the Turkish press, one of the Turkish lawyers who specialize in selling real estate said that foreigners in Turkey can also benefit from these bank facilities and bank loans, even if the matter comes with other procedures because they are foreigners.  

How foreigners can benefit from this type of loan

Before detailing how foreigners can benefit from this type of loan, it must be remembered that the real estate market in Turkey has attracted millions of foreign investors to it in recent years. 

In this regard, for example, during 2019, more than 45 thousand foreigners bought real estate in Turkey. 

The Turkish lawyer said that foreigners residing in Turkey, including Arabs, can borrow from government banks according to conditions. 

Most notably the availability of bank guarantees related to documented work residences in the social security system with a condition.  

Advantages of buying real estate in Turkey

The advantages that the property buyer in Turkey benefits from increases the demand for it, as he obtains the right of renewable residence in Turkey with the privilege of granting it to first-degree relatives, in addition to the possibility of obtaining Turkish citizenship in the event of purchasing a property worth 250 thousand US dollars or more.  

What is the expectation of economic Experts?

Many experts in the economic field believe that if the Turkish government continues to approve more facilities and incentives, while the application of reducing the interest rate continues and extending the payment life, the percentage of real estate sales to Turkish citizens and foreigners will double and will reach 1.5 million real estate units by the end of this year.

Most Famous Places to Buy Real Estate in Turkey

In general, foreigners tended strongly to buy apartments for sale in Istanbul in the first place, followed by Antalya, Izmir, Ankara, Bursa and Yalova, where the majority of investors choose the coastal states for ownership.

As for the nationalities most inclined to buy real estate in Turkey, we find in the first place the Iranians, who dominated the purchase process, ahead of the Iraqis for the first time in 5 years, followed by the Iraqis, the Russians, the Afghans, and the Yemenis.   

Conclusion

During the first quarter of 2020, Turkey achieved its best performance in 8 years, in further evidence of the strength of the real estate sector in the face of transient crises, even if they are difficult, such as the Corona pandemic.