Turkey Expects to Reach $7 billion in 2020 Regarding the House Sales Made to Foreigners

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A board member of Real Estate International Promotion Association (GİGDER), stated Turkey will achieve $7 billion of revenue by the end of 2020 due to a higher profile of foreign customers even if the number of properties sold decreases.

Since the law of reciprocity was introduced in 2013, the house sales increased dramatically, he noted, adding that Turkey performed great in the real estate field and made 26 thousand sales with an 18% loss despite the pandemic.

“The October figures have not been announced yet,” said the board member. “However the data we received from the industry signal a great performance. We think that Turkey saw 6 thousand sales in October. By the end of the year, the country will surely exceed 35 thousand and reach 40 thousand,” he added. 

He highlighted Turkey’s potential in the global real estate market and said that with a more efficient promotion, the country will see much higher figures. 

“The customer profile now is higher than it was in previous years. Europeans show greater demand for Istanbul real estate than ever before. The reasons for this are the advantageous exchange rate and people’s desire to spend the pandemic period in Turkey since it is a beautiful and spacious country. Another important point is the robust health care system in Turkey,” he stated. 

According to the board member, the interest of Swedish and German people increased in 2020. People from Iran, Pakistan, India, and China are also showing demand for Turkish real estate.

Noting that foreigners buy a higher number of houses in İstanbul, he also highlighted the increasing sales made in Aegean and Mediterranean cities such as Antalya, Muğla, and Aydın. “We were not expecting to see a sudden increase in foreigners’ demand for Bodrum, Kuşadası, and Didim,” he said. 

He stated that with a higher customer profile, Turkey will not experience any loss even if the number of sales decreases and added “We expect a $7 billion revenue, which was $6.7 last year.”

“Especially with the increasing sales in Antalya and Bodrum to high-profile buyers, we expect the average property sale value to be $170-180 thousand,” the board member said. “If we achieve diversity in the customer profile and the properties to be sold, we can easily reach $20 billion in 2023.”

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