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Signs of turnaround in Turkish market after summer of unrest

Posted on 10 October 2016

Confidence is returning to Turkey’s property market after the drop-off caused by the failed July coup, said Spot Blue International Property in October, adding that house sales rose strongly in August compared to the previous month, spearheaded by Istanbul and popular tourist resorts.

New figures from the Turkish Statistical Institute (TurkStat) reveal a 41 per cent hike in house sales across Turkey in August 2016 compared to July 2016. Sales to foreign buyers alone increased 44 per cent between the two months, despite being 26 per cent down on August 2015. By comparison, sales to foreigners fell 48.5 per cent in July compared to July 2015.

“A sense of stability has returned to the market,” said Julian Walker, director of Spot Blue International Property. “As TurkStat’s figures indicate, interest is creeping back after the inevitable crash that came in the weeks after the coup. Looking ahead, being outside the EU should also help Turkey at least in the UK market, as the country won’t be affected by Brexit in the way other second home destinations in Europe are already experiencing.”

TurkStat’s figures confirm Istanbul as the most popular place for foreigners to buy, with Middle Eastern buyers accounting for most international sales there. Antalya is the second favourite province with non-Turkish purchasers, followed by Bursa.

In a separate survey done in August by UK property portal Rightmove Overseas, Mugla was identified as the most searched for Turkish region by overseas buyers interested in either a house or apartment, followed by Istanbul and then Antalya, Aydin and Bursa. For buyers considering apartments only, then Istanbul was number one choice with 94 per cent of responses. The survey also revealed that the average enquiry price for a Turkish house is now £147,483 and £55,646 for an apartment.”

“Antalya and Mugla are home to some of Turkey’s most desirable beach resorts,” continued Mr Walker. “As international tourist hubs with large foreign populations and being many hundreds of miles from Istanbul, life in these resorts was never really affected by the civil unrest. A boost for tourism in Antalya is expected at the end of month, when the resort of Belek hosts the Turkish Airlines World Golf Final. Part of The Race to Dubai’s Final Series and with a prize of $7million, this event that will attract world golfers from around the world, including Tiger Woods and Rory McIlroy, and put the region back on the radar of golfers around the world.”

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