According to recent figures, May saw sales of property in Turkey up 6.4% compared with the same period last year.
According to the Daily Sabah, 114,800 homes changed hands in Turkey last month. The majority to Turkish citizens with 1,612 properties sold to foreigners.
This may come as a surprise to some. It seems a common belief that the real estate market here in Turkey is very slow. Oceanwide Properties are frequently asked, “how is the market for property in Turkey now? We have heard it’s really struggling…”. Having been established over 11 years, Oceanwide Properties can honestly say that we have seen harder times.
It is true that we have noticed a drop in enquiries from our traditional channels. We are asked more questions and do have to overcome a few more objections from some Europeans and foreign investors. Some are concerned about the political situation in Turkey and also the threat of terrorism. But, we have also noticed a surge of enquiries from locals, Turks from further afield and investors from the Middle East. We believe that the market for property in Turkey is still very buoyant, coastal properties in Turkey are still very much in demand providing they are marketed well and priced correctly.
The figures support this shift in purchasers. Iraqis, Kuwaitis, Saudi Arabians and Afghans were the foreigners that brought up the most residential property in Turkey last month, focusing on Istanbul, Izmir, Bursa and Antalya. Another interesting point was that the sale of newly built properties rose by 14.4% reaching 56,043. This is most lightly due to the lack of second hand homes in some of the major cities and good range of affordable properties on offer by many of the larger developers in Istanbul and elsewhere.
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