The fall of the Turkish lira played into the hands of real estate buyers
Russian buyers are rushing to purchase Turkish real estate at discounted prices, Kalinka Group experts say. So, over the past year, the exchange rate of the Turkish lira against the dollar has almost doubled – from 7.8 per dollar to 13.7. At the same time, macroeconomic indicators indicate that no further significant depreciation of the Turkish currency is expected, which means that optimal conditions for buying real estate have been created right now.
"Of course, risks are always present with any investment, but right now they are minimal," explained Alexey Slavuta, Director of International. – And the growth potential of the Turkish economy is quite strong. We will see big changes with the opening of borders and the restoration of the tourist flow. This increase will not be instantaneous. Personally, I estimate a possible increase in real estate prices to 100% within three years."
Another factor influencing the growth of the investment attractiveness of Turkish real estate is the shortage in the market of new buildings: Turkish developers are not launching new projects at the moment, and many current projects are frozen. In addition, prices for building materials have increased significantly in recent years, which will move the market up as today's new buildings sell out.
From the rental point of view, the Turkish real estate market also looks attractive: an increase in the exchange rate will inevitably lead to an increase in rental prices and demand due to a shortage of Turkish property buyers.
If we consider the segment of luxury real estate, the following projects can be cited as examples of interesting investments. In a residential complex in the center of Bodrum, a villa of 196.7 square meters with a private pool and garden, 24-hour personal assistant, cleaning and security is offered at a price of 776,900 €. In another project in Bodrum, consisting of 10 swimming pools on a total area of 6,300 m2, it is possible to purchase a 315 sq.m property worth € 565,000.
