Turkey expects to increase annual income from sales of real-estate to foreigners to $ 20 billion by 2025
Turkey, which ranks among the top countries in sales of real estate - one of the most reliable investment vehicles in the world - to foreigners, keeps drawing attention from foreign buyers, despite the ongoing pandemic.
It is noted that the sale of real-estate to foreigners provides an annual return of US$ 6 billion for Turkey, while this figure is expected to increase to US$ 20 billion in 2025.
Turkey was certainly one of the leading countries in the sale of homes to foreigners before the pandemic, as well. Today, this demand is observed to continue. According to TURKSTAT data, 45 thousand 483 units were sold to foreigners in 2019, 40 thousand 812 units in 2020, and 20 thousand 488 units in the first half of 2021.
It goes without saying, the sale of real estate to foreigners which provides an income of US$ 6 billion contributes to balancing its current account deficit. In fact, this contribution is forecasted to climb up to US$ 20 billion by 2025. However, to realize this figure Turkey may need to increase the number of countries it has healthy relations with. It is also of importance to conclude a number of trade agreements with these countries at the level of governments. Turkey currently has cooperation with countries such as South Africa, China and India, albeit small.
On the other hand, it might even be useful to attract housing developers from various countries of the world to Turkey, because people from other countries who see their own brands might be more willing to make purchases from these brands.
At this point it would be wise keep in mind that the real estate sector is considered to be an important investment tool for many people. In fact, this sector is one of the safest investment vehicles in the world. It provides a very large foreign exchange input the country and is very important in terms of closing the current account deficit. In terms of Turkey being a world state, those in charge of the sector should care about real estate investors coming to Turkey in every sense; from land to residential and commercial areas.