Turkey is one of the hottest real estate markets in Europe. According to the Knight Frank 2017 Global House Price Index, Turkey ranked 6th out of 56 countries, with an average year-on-year increase in property prices of 11.1%, far exceeding the global average real estate price growth of 4.6%.
Meanwhile, property sales in Turkey are also continuously growing. In 2017, foreigners purchased a total of 22,234 homes in Turkey, a year-on-year increase of 22.2%. Istanbul is one of the better-performing cities for sales to foreigners.
With both property prices and transaction volumes rising, Turkey offers tremendous opportunities for real estate developers and investors.
Lira exchange rate fluctuations make real estate an attractive prospect for overseas investors
Since August of last year, the exchange rate of the Turkish Lira has fluctuated significantly, with the USD/TRY exchange rate rising sharply. At the beginning of last year, a Turkish property worth 600,000 Lira required an overseas investor to pay nearly 160,000 USD to purchase. However, after the USD/TRY exchange rate soared by more than 50% in August 2018, the same 600,000 Lira property could be purchased by an overseas investor for only about 100,000 USD.
Currently, the USD/TRY exchange rate continues to show an upward trend, creating a prime opportunity for foreign investors to purchase Turkish real estate. Properties priced in Lira may yield higher returns when paid for in USD, prompting many overseas investors to accelerate their efforts to buy the dip in the Turkish property market.
Garden apartments in the core area of Istanbul, an excellent investment choice
The golden period for buying the dip in Turkish real estate has arrived. With a forward-looking vision, WorldWay has partnered with powerful Turkish developers to launch the Istanbul core area garden apartment project, helping you take the lead in successfully tapping into the Turkish market.