Turkey has entered 2021 with numerous variables that reinforce its hand in the global real estate market, as it’s evident from having finished 2020 with the lowest decline rate in international real estate transactions compared to rival markets.
Turkey’s 10% decline represents a “positive disintegration,” which encourages the property market compared to competing nations like Spain, Portugal, and Greece, where international real estate investments have shrunk by 50-80%.
Turkey, which ranks among the top ten countries in the international real estate market, which is worth around $400 billion, completed 2020, the year in which the world grappled with the worst pandemic consequences, with the lowest decrease rate among rival markets. In 2020, foreign real estate sales fell by 10.3 percent from the previous year, totaling 40.812 units.
It demonstrates that international investors are drawn to Turkey not just because of its climate, the sun, the sea, or the hospitality; in addition to these, Turkey’s world-class healthcare infrastructure is an important reason. Foreign investors choose Turkey for various reasons, including retirement, health, tourism, vacations, and education.
The real estate market in Turkey is one of the most prominent instruments that will provide profits in the future, with prices expected to climb in the medium and long term.
We are no longer talking about a Turkey that is solely reliant on investments from the Middle East. China, the world’s largest real estate investor, has increased the demand for houses in Turkey, with an annual investment of more than $50 billion. Aside from Russia, we’re seeing a growth in neighbouring countries like Kazakhstan and Azerbaijan, which are geographically close to Turkey.
Therefore, we can see this rise in statistics which points out that the real estate sales surged on high demand from foreign buyers. More than half of the residential properties were bought by foreigners in Istanbul, followed by the Mediterranean resort city of Antalya and the capital Ankara.