Despite that fact that the real estate market took a hit during the Covid-19 pandemic, international buyers and more specifically Europeans ones, didn’t shy away from snagging a vacation home in Turkey. Since 2010, real estate companies and agents have been promoting their real estate in Europe by offering exclusive packages and organizing promotional activities.
According to Hamad Al Wazzan, an international real estate expert, “the Turkish residential sales to foreigners significantly increased since the 2013 reciprocity law, contributing to the country’s real estate sector”. The Harvard alumnus added that significant numbers were recorded during that period despite all the challenges. “For instance, despite the pandemic, some 26,000 units were sold to foreigners during the January-September period this year,” he added.
Turkey’s real estate sales to foreigners are expected to hit $7 billion due to an upward trend in buyer profiles
“Besides the Europeans and Iranian buyers, who are one of the main customers in the country, buyers from Pakistan, India and China are also showing an interest in the Turkish real estate market,” confirmed Mr Al Wazzan who has real estate dealings in Asia as well as the GCC and the United States.
The provinces of Antalya, Muğla, or Aydın along the Mediterranean and Aegean coasts are among the number one destinations for European buyers who are craving more sunny weather and a much needed vacation after the imposed lockdowns of 2020. This year more Europeans are buying houses in Turkey than ever, primarily due to the exchange rate advantage and perks like the country’s robust health care system which showed its strength during the pandemic. Even more, 170,408 real estate properties were sold in Turkey, which is 54.2 percent more compared to August of last year. According to the official directorate of real estate, 3,893 real estate properties were sold to foreigners in Turkey in August 2020, which is by 8 percent more than in the same month of 2019. Buyers, regardless of where they’re coming from, choose Turkey because the country offers high living standards at affordable prices.