Turkish government Activities revive Turkey’s real estate market
Although real estate sales in Turkey have fallen by more than 30% since the beginning of this year, to foreigners have increased by 65%, with sales revenue reaching nearly $ 4 billion.
This brought refreshment after a year and a half of suffering in the real estate sector, according to Qatari media.
Experts believe that the stability of real estate prices in Turkey with the devaluation of the Turkish lira made it an opportunity to increase the demand for apartments in Turkey because they are considerably competitive with European countries.
The law of granting Turkish citizenship to those who own a property worth $ 250,000 with a condition of not solding theproperty for 3 years refreshed the whole sector.
İt is obligated by real estate companies to carry out the process of valuation of real estate property by experts of the Department of Real Estate Registration (Tabu) in order to protect the client from price manipulation.
The decision of Turkish state banks to reduce the interest rate on mortgages for Turkish citizens to less than 1% earlier this month revive the real estate market significantly.
Observers said sales had tripled because of local customers relying on mortgages, and cutting interest rates was a useful solution.
At the same time some statistics indicate that there are about 2 million houses units throughout Turkey need customers, a large part of these projects located in luxury residential complexes.
Finally, the high rate of foreigners buying real estate is a very good thing, but it is not enough to preserve the most important sectors of the Turkish economy, it is a sector that occupies many areas, and Turkish government always seeks to control and maintain this market and interest in it.
Edit by: Realty Group