By Arwa Al-Wagayan
ANKARA, Oct 6 (KUNA) -- Turkiye's real estate market witnessed a notable upsurge in prices within the past few years, an increase that could be attributed to Turkish lira decreasing in value, the growing demand on real estate, global inflation, or Russia's military operation in Ukraine.
Real estate expert and member of Turkish industrialists and businesspersons association, Musiad, Gazwan Masri, stated to Kuwait News Agency (KUNA), that Turkiye facilitated process of property ownership, and provided incentives for foreign residents to settle in the country including the granting of citizenship to those who own property.
Property sales in the first quarter of this current year exceeded 14,000, a 45 percent increase since last year, Masri elucidated.
He went on to say that Iranians come in first place in property purchase, followed by Iraqis with Russians coming third.
As for cities with most real estate investments, Istanbul comes first, Anatolia second, Ankara third and Mersin forth.
Furthermore, he highlighted that Kuwaitis are quite fond of Sapanca as it is brimming with touristic and is strategically situated near the Black Sea and city of Bursa.
Speaking to KUNA Real estate consultant, Milad Tisnar, cited the sharp decline in Turkish lira value and the unprecedented increase in exchange rates as cause for building materials price increase therefore increasing real estate prices, especially towards the beginning of 2021.
She also added that previously the acquiring of Turkish citizenship is linked to obtaining property valued at USD 250,000 USD but due to inflation in Turkiye, as of June 2022, property must be valued at USD 400,000, a factor also contributing to the price hike.
The easing of travel restrictions, and foreign investors flocking to real estate investments in Turkiye increased demand and therefore caused a gradual increase in prices, Tisnar added. Many, she commented, come to Turkiye with the purpose of medical tourism, which requires patients to stay in the country for prolonged periods of time, in return encouraging property ownership.
Consultant Tisnar also mentioned that economic and real estate experts forecast an eight percent increase in prices between 2022-2027. (end) akw.aai