Turkey expects to see an increase in foreign buyers in 2018
A buoyant property market combined with a bullish economy, weak currency and rebounding tourism industry could attract more overseas buyers to Turkey, this year, it is suggested.
Turkish property sales to foreigners increased 25.7% in January compared to the same month in 2017, according to Turkish Statistics Institute (TÜIK). During that month, 97,000 properties were sold in total across the country representing a slight year on year increase, with 1,742 of these bought by foreigners.
Istanbul remains the top destination for foreign buyers, accounting for 545 sales in January, with investors from the Gulf countries leading the growth, followed by Russian and then European buyers.
This upward trend is predicted to continue by Spot Blue International which says that it is a positive sign that Turkey’s economy is growing faster than any other G20 country, according to the most recent Turkish Statistical Institute data for the third quarter of 2017, which saw the country record GDP of 11.1%.
The firm also points out that Turkey is bouncing back in terms of tourism. In the first month of 2018 the number of foreign visitors to Turkey rose 38.48% compared to January 2017, which saw a 9.8% and the country is forecasting that there will be a record of 38 million tourists this year compared to 32.4 million last year.
According to the country’s Culture and Tourism Minister Numan Kurtulmus, positive signs include European tour operators, including Thomson and Thomas Cook, increasing their capacity for packages to Turkish resorts this year, while the German and Russian markets are expected to be especially strong too.
The Turkish Government remains determined to hit its target of 50 million tourists a year by 2023. To help achieve this, it is continuing to offer cash incentives to charter airlines that bring tourists to the country and implement measures to facilitate hotels renewing land leases.
Indeed, Turkey’s airlift capability continues to rise year on year, as does the country’s role as a hub connecting East and West. In January this year, the number of passengers passing through the country’s leading airports increased 29% on an annual basis to 14.74 million passengers, compared to 11.47 million last year. Istanbul’s new airport opens later this year.
Spot Blue International also points out that with the Turkish Lira continuing to fall against leading currencies, including Sterling, the dollar and euro, it is cheaper to buy property for many overseas buyers.