“Now is a great time to buy a property in Turkey”, say’s Suleyman Akbay from Oceanwide Properties. “Tourism is Turkey is rebounding, and the weak value of the Turkish lira against the Pound, Euro and Dollar mean there are some great bargains to be had.”
The Turkish Statistical Institute reported a 25.7% increase in foreign property buyers in January of this year, compared with the same period in 2017. A total of 97,000 properties were sold, 1,742 to foreigners.
Investors from the Gulf bought the most, closely followed by Russians and Europeans. As expected, Istanbul was the main location of choice.
“A weak currency and an expected influx of tourists should bring many more foreign investors this year”, believes Suleyman. “Turkey has a lot to offer real estate investors. The government are adamant that by 2023 we will see more than 50 million tourists visit Turkey. I believe this is achievable. Numan Kurtulmus, Turkey’s Culture and Tourism Minister is confident of a rebound in tourism in 2018. It certainly looks promising with major tour operators like Thomas Cook and Thomsons increasing their flight and hotel capacities in the coastal resorts. I believe that confidence in Turkey is returning, and with that will come the property buyers.”
Last year saw 32.4 million tourists come to Turkey. It is hoped that more than 38 million will grace our shores this year. Let’s hope that a sustainable property market along with a weak currency, strong economy and rise in tourists numbers really does boost foreign trade and investment in the coming months.
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