After a tough short period of stagnation in Turkish real estate sector, the sales of properties to foreigners refreshed and boosted recently with the interest of Chinese investors in Turkey.
As a fact, a 90-apartment block has been sold to a Chinese company with the price of 95 million TL, introducing the intention to reach 500 million TL value of purchase by the end of 2020.
Chinese investors have always been interested in Europe especially Portugal and Greece. However, they started recently focusing on Turkey. This goes in parallel with the new policy launched recently, aiming to emphasize the Chinese-Turkish economic cooperation. In fact, the Chinese Turkish investment growth has started since last year when trade cooperation reached 23.6 billion $ placing China as the third Turkey trade partner.
This comes along with the increase of the number of Chinese workers in Turkey in addition to the increase of Chinese tourists visiting the country.
Economy experts agreed that to keep the real estate market balanced and to maintain the increase reached so far in real estate sector, new markets should be considered.
In fact, the Treasury and Finance Deputy Minister Nurettin Nebati, stated the need to form new strategies to a stronger publicity of Turkey in order to attract more investors and appeal new communities.
We should remind that after the sales increase of 65% recorded in the first 7 months of the year, it’s estimated to continue with the expected sale of nearly 50000 houses till the end of the year. In fact, after the reciprocity law launched in 2013, the number of residential sales reached 39000 units in 2018.