Turkish real estate expert Aziz Bakan said
that the devaluation of the Turkish lira has opened the appetite of foreign
investors to increase their investments in Turkish real estate, pointing out
that the Turkish economy is strong and capable of facing US sanctions.
According to Turkish Statistics institution (Turk Stat), the average demand of property in Turkey rose by 6.9% in July 2018 compared to the same month last year. The data showed that the rate of sales to
foreigners during July rose by 65.6% compared to last year and reached 2.858 properties.
Bakan told CNN that the Turkish real estate
sector is promising and attractive, as it blends tradition and modernity. The
decline of the Turkish currency has been an additional attraction for the
sector by foreign investors and has opened their appetite for increased
investment in Turkish real estate.
The price of the Turkish currency has fallen
sharply over the past few months after US President Donald Trump announced
double tariffs on US steel and aluminum imports from Turkey, causing a loss in
Turkish lira value of 40% since the beginning of 2018.
Bakan advised Turkish real estate investors not to sell their properties and to be affected by economic fluctuations, adding that the Turkish economy is strong and diverse and capable of facing US sanctions and that Turkey's trade and economic problems are temporary and can be overcome.
According "Turk Stat" report, Iraqis leaded the list of foreign real estate buyers by 584 units in July with an annual growth rate of 99.3%, while Iranian investors made a remarkable surge in purchases with to 321 units and a growth rate of nearly 334% compared to July 2017.
Istanbul was the first destination for foreign buyers by 956 units, followed by Antalya with 641 units, Bursa with 176 units followed by the Yalova with 167 properties.