Real estate in Turkey - what awaits the market after the elections?

The 2023 presidential election in Turkey was marked by the victory of Recep Tayyip Erdogan. The continuation of political reforms and the improvement of the economic situation in the country by the current president restored the growth of foreign investors' interest in the Turkish real estate market, which stagnated severely in March 2023.

In Turkey, 85,652 houses were sold in April.

Home sales in Turkey in April decreased by 35.6% compared to the same month last year and amounted to 85 thousand 652. Istanbul had the highest share in home sales with 13 thousand 944 houses and 16.3%. In terms of sales, Istanbul is followed by Ankara with 10,000 house sales and a share of 11.7%, as well as Izmir with 4,960 house sales and a 5.8% share. The provinces with the fewest houses sold were Ardahan and Hakkari with 22 houses and Bayburt with 53 houses respectively.

Home sales, April 2023

Home sales fell by 18.6% in January-April.

Everyone waited and waited for the elections, worried because of the uncertainty ... And now what?

It's time for action! Now analysts' forecasts already sound much more confident. In addition, property owners will be able to obtain residence permits in open areas, as before the elections. Fears have been removed, which means that prices for apartments and villas will definitely rise.

The removal of uncertainty due to the presidential elections in Turkey has led to an increase in the demand of foreigners for real estate in the country by 20-50% per week. Buyers with high budgets have become more active, counting on a passport in exchange for investments.

Now is the best time

It is clear that there will soon be a new jump in real estate prices. The trends are already clear to all market players, it's just that the price tag has not reacted yet, but this is a matter of the very near future. If you've always been waiting for the best time to buy, this is it. Further it will be more expensive.

Analysts predict that by the end of 2023, the main part of the objects will rise in price by at least 50% (it all depends on the class of the object, location and other factors).

Now it’s profitable to buy, because after the four-month crisis, prices have dropped slightly - by 15-20%, depending on the project, compared to 2022. You can have time to enter the project at these slightly sagging prices or purchase ready-made housing. And then the prices will go up.

Investing in Turkish real estate is not only an opportunity to obtain a new citizenship and move to a developed country. This is a great chance to save and increase personal capital by investing it in a promising property.

If you are planning to buy a property in Turkey, but do not know where to start, how to choose an object, how to solve related issues related to the purchase and sale, Hayat Estate specialists are ready to help. We work only with trusted developers and agencies - we will help you choose a property that suits the goals and budget of the client. We will arrange a visit to the location or send a detailed video from the object, we will help with the execution of the transaction, the submission of documents for citizenship and the solution of other important tasks. With us you do not need to waste precious time, effort and resources.