Foreign Turkish Property Investments Reach New High as Value of Lira Drops

According to Spot Blue International Property, this is an Ideal Time for Buyers to Invest in Properties in Turkey

Turkey’s Bodrum Peninsula is ideally placed to benefit from an uplift in foreign property sales in 2019, said Spot Blue International Property in May, adding that the appeal of Turkish property has been boosted in recent months by further falls in the value of the Lira and the country’s favourable citizenship scheme for foreign nationals.

To learn more about the properties that Spot Blue International Property currently has available in Turkey, please visit https://www.spotblue.com/property-for-sale/turkey/. 

Overseas property-buyers transferring funds into Turkish currency have seen their buying power boosted by the Lira’s poor start to the year. By the end of April, the Lira had lost 10 per cent against the US dollar, after recovering slightly against major currencies towards the end of 2018. This is on top of a fall of nearly 30 per cent against the dollar throughout the whole of 2018.

“The Lira has fallen back to where it was last October,” said Julian Walker, director at Spot Blue International Property. “And Turkey’s current political situation, combined with its central bank policy, continues to generate negative expectations for the currency, so foreign buyers can expect conditions to remain favourable during the year.” 

Elsewhere, there are signs that the Turkish Government’s decision last September to slash the property investment threshold for gaining citizenship to $250,000 from $1 million is paying off. The easier conditions from obtaining a Turkish passport have fuelled a hike in foreign buyers, but in particular those from Middle Eastern countries. 

“The number of properties sold to foreigners rose 87 percent year-on-year during January and February according to the Turkish Statistical Institute,” Walker said. “For some foreign nationals though the rise was much higher – purchases by Palestinians were up by 300 percent. In terms of volume, those most active in the market are Iranians, Iraqis and Saudis.”

Turkey’s Association of Housing Developers and Investors expects foreigners to spend more than $10 billion on property in Turkey this year, up from the $4.6 million in 2018.

Driven primarily by investors and residential buyers, Istanbul is the most attractive destination to foreigners, accounting for 2,801 foreign purchases in the first two months of 2019. However, the Bodrum Peninsula, which includes the town of Bodrum as well as a collection of boutique resorts like Yalikavak, Gundogan, Turgutreis and Gumusluk, remains firmly on the radar of the international jet set, superyacht owners and more discerning second homebuyers. 

“Seen as Turkey’s answer to St. Tropez, Bodrum’s trendy reputation and attractiveness to leading hospitality brands just keeps growing,” Walker said. “Bloomberg, Conde Nast Traveler and Harper’s Bazaar have all included it in their top places to visit in 2019, suggesting an emerging interest from Americans. Meanwhile, a recent influx of new five-star hotels includes the opening there of the Six Senses Kaplankaya and high-profile Ian Schrager Bodrum Edition. Nikki Beach and Mandarin Oriental are already there.”

Bodrum’s real estate offering reflects its upmarket status and includes the full spectrum of prices and property types, from luxury marina apartments to custom-built villas with infinity pools and breathtaking sea views. Buyers can opt to be in or near hip Bodrum town, with its lively night spots, or a quieter more traditional area like Gundogan.

About Spot Blue International Property:

Spot Blue International Property is one of the UK’s leading Turkish property agencies, with hundreds of properties regularly listed and updated on its website, www.spotblue.com. As well as helping developers promote their projects to the UK and other foreign markets, www.spotblue.com features properties for sale by private individuals. Spot Blue only promotes property of developers that pass its due diligence assessment. It also specialises in matching buyers with suitable properties and operates in all major resorts in Turkey. The company’s high profile in the UK means it is regularly quoted in the national press and invited to appear on panels at leading seminars and exhibitions.

Spot Blue International Property
Link House, 140 The Broadway
Surbiton, Surrey
KT6 7HT, UK

 



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