June Showed Major Boom In Turkish Property Market

By Author: Justin Thomas
Total Articles: 6
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Recent statistics indicate that the Turkish property market is experiencing an immense increase in revenue as the houses for sale in Istanbul is simply selling like hotcakes. While the market has been slow for quite some time, this is now all changing. For a while, the sales of the property in the country have been somewhat slow and showed a year-on-year decline of about 29%. Yet, this situation changed completely this year as now the statistics indicate that their numbers doubled in last month. While May delivered the sales of 59,166 properties. This number more than double during the next month when 134,731 homes were sold in June.

As is one of the largest cities in the world, considering their massive population and as it is also a major tourist attraction, the houses for sale in Istanbul reached an impressive 25,833 units and this tallied to an increase of 19.2%.

While these sales are peeking, it appears that it is all due to an influx of foreign buyers, seeing the country not only as a suitable option to call it their permanent home but also as it as property in the country makes out an attractive investment. ...
... Of all the cities across the nation, the one that did show the most interest from foreigners is then also Istanbul and the houses sold to foreigners make out 20,000 of all the homes sold.

After Covid-19 hit the world, economies were struggling tremendously to remain economically stable. One of the countries that performed very well during this period was Turkey. Now that globally nations are going through a period of recovery, it appears that Turkey might just be a small bit ahead of the rest of the world. It is why this Mediterranean economy appears to be such a lucrative destination for foreign investors.

However, it is not only due to being financially a rosy landscape that is making Turkey such a sought-after destination. It is indeed also because of the transformation to being a green nation, considering the impact of the people on their local environment. As this magnificent environment is what contributes to the country being such a major attraction for tourists across the globe, it is in the government and the people of Turkey’s interest to take matters seriously when it comes to taking care of their natural resources. These are the factors that the team at Prime Property Turkey highlights. This team, under the guidance of world leaders in the real estate industry, has more than a decade of experience in the success of the local property market.

The trusted team estimates that several factors are contributing to booming sales. These include the reopening of flights to the beloved destination, the wonderful summer seasons they enjoy and the relaxation of restrictions in the country. While property owners and investors are both smiling broadly, the government also have nothing to frown about. The expected revenue from sales of homes in the country is set to rise to as much as $7 billion. While this is already a number that impresses even the most critical, it is not where it is about to end. No, all data from relevant resources indicate that the growth curve is set to continue and should peak in 2025 when the revenue that that state should be receiving from property sales should reach $20 billion.

While this revenue is a major cash injection, the financial benefits don’t end there. As so many of these homes go to foreign investors who visit the county during their holiday seasons, they too bring an abundance of cash into the country. It truly seems that surviving the global pandemic did put the Turkish economy in a magnificent financial position to be in.

About Us

Our team have more than a decade of experience in the local property market and is here to assist with a wealth of knowledge and skills. Every member of our team is experienced and capable to assist with helpful advice as we operate under the guidance of three of the best in the real estate industry, globally. While many believe that our success is the product of our expertise in the field, we rather believe it is due to our friendly team and our straightforward approach that instils the confidence our clients require. Visit our website at https://www.primepropertyturkey.com/ and see how we can make your property dreams come true.

I'm Justin Thomas co-founder of Prime Property Turkey an international real estate consultancy & investment firm.