Home Sales to Foreigners On a Rise in Turkey

Home sales to foreigners are set to see a significant increase in the upcoming period in Turkey due to the currency exchange rate and the country’s successful management of the coronavirus crisis. The lifting of restrictions on international travel also affected foreign investment positively as purchasers are now able to come to Turkey to buy properties. Selman Özgün, chairman of Antalya-based Helmann Construction and member of Turkey’s Foreign Economic Relations Board (DEIK), said that home purchases by both nationals and foreigners had risen during the normalization process following the coronavirus pandemic. Turkey’s management of the pandemic crisis had increased its attractiveness in terms of real estate investment as people regarded the country as a “safe haven.” In June, a total of 1,664 units were sold to foreign nationals, a 38.1% decline compared to the same period last year. Turkey's most popular tourist destinations, Istanbul and southern Antalya, top the list of sales. The sector representatives said they expect the July and August data to reveal the recent increase in sales to foreigners. On June 1, the nation’s three largest state-owned banks, namely Ziraat Bank, Halkbank and Vak?fBank, began offering products including mortgages and credit for home appliances at below-inflation interest rates. Banks offered mortgages for new homes with up to a 15-year maturity, interest rates as low as 0.64% and a grace period of up to 12 months.