The depreciation of the lira led to an increase in demand for real estate in Turkey
Demand for real estate in Turkey increased by 10-15% over the last ten days against the background of the depreciation of the lira.
For the specified period, the rate of the Turkish currency fell sharply – at first by 14%, to 6.47 lira per dollar, then, on August 13, the historical minimum was renewed – one dollar was 6.9 Turkish lira, whereas on January 1 it cost less than 3,8 liras.
According to the expert, the current situation is unique, as a month ago the object in terms of cost was 40 thousand euros, and now – 32 thousand euros. According to the Turkish Institute of Statistics, demand for housing in Turkey among foreigners began to grow in May, along with a gradual decline in lira. As a result, foreign buyers purchased 2,885 households in Turkey, which is a record for the last four years.
Russians traditionally belong to the number of foreigners, most actively acquiring Turkish residential real estate. They occupy the fourth place in the number of transactions among foreigners after citizens of Iraq, Saudi Arabia and Iran.
The most popular cities among foreigners are Istanbul and Antalya.
According to the forecast, the situation will not remain the same as it is now. Due to a sharp rise in price of building materials, new houses will be more expensive in lira equivalent. In the near future, specialists expect growth in property prices.
According to the website of Prian, the average cost of apartments in Turkey now stands at 922 euros per 1 square meter, houses – 1500 euros per 1 square meter.
Last week, the ratio of the Turkish lira to the dollar reached a historic low. The depreciation occurred after the United States imposed sanctions and doubled import duties on steel and aluminum.
In early August, Washington and Ankara imposed sanctions against the Ministers of Internal Affairs and Justice of each other because of Turkey’s refusal to release the American pastor Andrew Brunson, suspected of having ties with the Gullenists.