When looking at our portfolio of Turkey Homes for sale, we can see specific patterns emerged over 2021. The year has been nothing short of eventful, from ongoing COVID developments to a tumbling Turkish lira, an uncertain tourism market, and all these impacted Turkey’s housing market.
Given the unpredictability of all topics, making predictions for 2022 is more complex than before. Current times show us to expect ongoing change, but Turkey’s housing market always seems to adapt and come on top for foreign home sales. With that in mind, we look back over the past year, highlight popular homes our clients viewed and try to predict developments over the next twelve months.
The Turkey Homes Industry
1: COVID Impacted Real Estate Trends
People realized COVID was not going anywhere, so buyers changed their habits when buying new homes. As a result, most of Turkey’s Aegean and Mediterranean coastal resorts saw increased demand, especially from buyers who usually live in big cities, either in Turkey or abroad. Sudden surges in demand saw property values soar, as buyers sought villas with private gardens and swimming pools to distance themselves further from COVID risks. Preferring to buy in small towns and villages of Turkey, this buyer’s trend will continue into following years.
2: Increase in Construction Costs
The Turkish lira devaluation caused construction material imported from abroad to increase costs and, in turn, impacted house prices in Turkey. This week, the Turkish lira exchange rate to the pound went over a staggering 23 lira. But then suddenly hovered between 14.00 to 16.00 lira on the back of a speech by Recep Tayyip Erdogan. He stated that Turkey would become more self-reliant and not dependent on imports, which fluctuates when the Turkish lira devalues. However, experts are divided about Turkey’s new economic policy’s efficiency because the plan promotes lower interest rates, which they say won’t curb inflation.
3: Increase in Foreign Buyers to Turkey
Since the Turkish lira devalued nearly 55% over the year, more foreigners have been tourism shopping. Bulgarians reportedly come over to the border of Turkey to fill their suitcases before returning. Likewise, this saw a boost in foreign house buyers. Daily Sabah newspaper said, “Turkish house sales to foreigners hit an all-time monthly high in November, also taking 11-month sales to their highest level ever, official data showed Tuesday, as a depreciation of the Turkish lira made purchases cheaper for those buying with hard currency.”
4: Top Three Destinations in Turkey for Home Sales
Considering Turkish real estate trends, Istanbul still holds number one spot as the most popular place to buy a home in Turkey. One reason is that many government-approved homes for Turkish citizenship by real estate investment are in Istanbul. The scheme aimed to increase investment in Turkish housing markets, but policies point to new developments on the European side. Mediterranean Antalya still holds firm, in line with buyers flocking to coastal regions, while Ankara, Turkey’s capital also tops the list for investment purposes.
5: Most Popular Luxury Property
Regarding luxury homes, branded residences are driving international real estate markets in many countries worldwide, and in Turkey. Over 12 months, these breath-taking sea view detached villas in the northwest of Bodrum peninsula, in Yalikavak, clocked high views for luxury homes. Yalikavak, a cosmopolitan marina town with charm and culture, is also home to prestigious Palmarina, host to mega yachts. These luxury villas sit nearby and offer a choice of six or seven bedrooms, boasting large interiors of 1,071 and 1,115 square meters with truly astonishing sea views. Striking architecture reveals luxury, perfectionism in interior designs, and quality materials.
They boast superior rooms with high design, fixtures, and fittings. Their kitchens are modern and come fully equipped, and their living room and dining areas are bright and contemporary. All bedrooms have fitted wardrobes, and they boast luxuriously fitted bathrooms. They also feature plenty of outside space to relax and enjoy al fresco and, or relax, overlooking truly breath-taking panoramic views. In addition, residents enjoy an array of communal swimming pools, an on-site restaurant and bar, and a wellness centre. (More about these luxury homes in Turkey.)
6: Most Popular Budget Property
These one-bedroom homes for sale in Antalya also received much interest at the other end of the housing market. More than a million people live in Antalya City Centre, a popular seaside resort in Turkey. This complex sits in a constantly evolving district called Kepez, just five kilometres from Antalya airport. Each 50 square meter apartment offers a double bedroom, fitted bathroom, and fully equipped kitchen with an open plan living room and dining area.
Each apartment’s balcony promotes al fresco dining and high-quality fixtures and fittings throughout. The residential complex offers 316 apartments with a range of on-site social facilities, including lobby cafe, reception, gym-fitness centre, sauna, Turkish bath, sports complex, outdoor swimming pools, meeting hall, beautiful gardens, housekeeping services, coiffeur, outdoor car parking area and an independent generator. (More about these budget homes in Antalya.)
7: Looking to Next Year
As you can see, a series of unexpected events kept housing markets in Turkey on their toes. Since COVID shows no signs of going away, we expect more people buying in small towns or villages to distance themselves socially and as increasingly more companies embrace working from home for employees. Despite Turkey’s economic problems, foreigners buying property to gain Turkish citizenship by investment will continue.
Despite lockdown news because of Omicron, Turkey will open for tourism by May as usual. However, whether tourists flock depends on policies of other countries and how COVID impacts daily, global life over the next five months. The only unanswered question, the Turkish lira’s future leaves everyone divided on how the currency will perform and how Turkey implements its new economic policy.
More About Homes in Turkey
Guide to Buying Turkish Homes: If you liked this article about the Turkey homes market, you might also be interested in our guide to buying. Foreigners often buy homes in Turkey because of the many lifestyle benefits. As a result, foreign home sales are high in prominent areas. We see proof in Turkey’s official statistics, which average about 40,000 to 50,000 homes a year. But what does every first-time buyer need to know about home-buying?
About Us: We are Spot Blue, an award-winning company often quoted by leading global newspapers and news channels. We pride ourselves on our unbiased and expert knowledge that we pass on to our clients in a professional and caring manner. See our portfolio of homes in Turkey, here and just contact us for more information or to arrange a viewing.