Turkey is witnessing a decline in foreign home sales by 42% in September, with a further drop of 43.5% during the first nine months of the current year compared to the previous year.
This decline is attributed to economic and social factors influencing purchasing decisions, along with the impact of geopolitical events and changes in global markets. Other contributing factors include a shift from a focus on real estate to mineral ownership and the effects of the war in Ukraine on property prices in Turkey.
The rising construction costs and increased interest rates by the central bank are also contributing factors to the sales decline. Urgent solutions are needed for the real estate sector, such as a reorganization of residency and citizenship laws and facilitation of real estate financing. Despite future challenges, experts anticipate significant opportunities for growth and development in Turkey's real estate sector.