Despite growing living costs Real Estate still seems to be a very attractive investment both for domestic and foreign buyers as recent figures show that Property Sales in Turkiye rose by 24.2% between January and July 2022, when compared to the same period in 2021.
So far just over 820,000 homes have been sold and with targets by the end of this year set at 1.5 million properties, it’s been a very good start. Mortgage sales were up by around 52% also and although there was a slight decline in the number of foreign buyers between January and July by around 12%, it’s still much higher when compared to 2021.
Demand is set to continue for the rest of this year certainly amongst the Russians who have been pouring their finances into Turkish Property amid sanctions and so far they’ve bought just under 7000 houses. Iranians and Iraqis come second and third, with Germans, Ukrainian’s and the British closely following suit.
Antalya has been the most popular of the Turkish destinations for foreign buyers this year where over 1400 properties were sold, which is actually higher than Istanbul for the first time in five and a half years. Total sales in Antalya hit 11,257 properties in the first 7 months. Antalya is probably having one of the best seasons yet says their Governor Ersin Yazc, as not only did their airport set a new daily flight record in August with a total of 1003 planes taking off and landing on just 1 Saturday alone, but they’ve also welcomed over 4m tourists already this year.
Real Estate has been so popular throughout the first seven months of this year that in May it was more than double when compared to the same month last year, there were 122,768 units sold in 2022, and only 55,166 units in 2021. Yes we do have to take into account that the Covid situation played a big part, but the huge increase just shows that the demand is still there, and currently shows little sign of slowing down.
According to the Transport minister traffic levels are also starting to get close to pre-covid levels with passenger numbers hitting over 57 million people between January and May this year and flight traffic increasing by 54.7% in the same period.
