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BLOG 2018 outlook for Turkey's property market

20 January 2018 / Properties


Turkey is set to bounce back in 2018

With a booming economy, Turkey's tourism and property markets are set to see major bounce backs in 2018.

For centuries, Turkey has been a melting pot of cultures, diversity, food and outlooks.

So it's no surprise that as a strong and stable Muslim country, its Islamic cultural ideals and outlook deeply resonate with Middle Eastern residents. On the flip side, its hedonistic Western coastline of sun, sea and sands is again attracting strong interest from Germans, Russians and Britons.

And at Turkey Homes, with offices throughout Turkey, we are more than geared up to meet the demands of clients in 2018.

We have consultants speaking Arabic in Istanbul, Russian speakers in Antalya and, of course, English-language employees in both Fethiye and Bodrum - meaning we are here to help and guide people in their search of buying property in Turkey and with all our expertise to hand.

Property overview

In 2017, just under 20,100 properties were sold to foreign citizens between January and November, with a 21.3 percent year-on-year increase.

Istanbul remained the choice of most buyers, with 726 units - or 34 percent - out of the total 2,152 properties sold to foreigners being snapped in the city.

The Mediterranean coastal city of Antalya and the northwestern county of Bursa were second and third respectively.

November was also indicative of the foreigners here in Turkey. The top five nations were Iraqi, Saudis, Kuwaitis, Russians and Afghans. So what now for 2018?

Chinese investors

China and Turkey are continuing to strengthen ties, no more so than through the Chinese Silk Road initiative, which will see massive investment along the ancient trade corridor.

With millions of dollars at stake, Chinese investors are curious in new destinations and Turkey's rich treasure trove of sites and attractions could well see a massive influx in the coming years.

Turkish tourism is also being bolstered by China's declaration of Turkey Tourism Year as part of the One Belt, One Road project. Turkey is eyeing 1 million Chinese tourists in 2018 with a good percentage expected to become property investors in due course.

From Antalya with love

Following strained ties in 2016, Russians fell out of love with Turkey big time. But now that relations have warmed up, Turkey hosted 4.7 million Russians in 2017, with a majority of them heading for the Med and the city of Antalya.

The property sector is expected to boom again from the Russians' appetite to buy where they holiday, and Antalya is predicted to be first in the queue. Tourism experts have said a surge in early bookings could make 2018 a year to remember - the trickledown effect similarly boosting the property sector.

Middle East

As long as Turkey remains stable, then residents from other Islamic states, particularly from the Middle East, will continue to invest and visit. Their favoured places remain either Istanbul or Bursa. Interestingly, Iraq, Saudi Arabia and Afghanistan residents were the top three nations to seek residence permits in Turkey during 2016.

One of the surprise investors for 2018 could be from Qatar. The Emirati has been buffered by a spate with its Middle East neighbours but has received backing from Turkey. This has led to closer relations, with multi-billion business investments being shifted towards Turkey.

Germans

Turkey is predicted to be hosting upwards of 4 million German tourists in 2018, a 70 percent increase over recent years. What is significant is that tourism and property insiders suggest Germans are again warming to Turkey now that political tensions have been put aside.

In 2017, 3.4 million German tourists visited Turkey, compared to 3.7 million in 2016 and 5.4 million in 2015.

Britons

The numbers of British tourists to Turkey dropped from a stable 2.5 million in 2015 to a less than underwhelming 1.7 million in 2017. Most opted for Spain, a two-hours flight away, but now that Spain is reporting an over-saturation of guests, the British are voting with their feet and the biggest destination on their radar is Turkey.

Airlines and tour companies have duly responded to the demands of British families and laid on extra flights for hotels for 2018.

As Brits gain confidence, and bolstered by a strong pound against the Turkish Lira, the chances to invest again in property on Turkey's southern shores are expected to rise again.

 

 

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