Market news

Influence of crisis real estate sales in Turkey.

28.10.2009
    According to a study conducted by the Tourism Research Association (TURAD), real estate sales to foreigners in Turkey were affected significantly by the crisis. Real estate sales to foreigners since the end of August in 12-month period was 2.2 billion dollars. In first 8 months of 2009 over 1 billion 236 million dollars.

    In comparison with similar data for the year 2008, annual sales for the period fell to 29, and for the first 8 months of the year by 38 percent. In the past year in the period January-August, has sold real estate on 3,1 billion dollars this year to 2,4 billion.

     Since March 2008th sales began to rise
     In September last year foreigners have purchased real estate valued at 222 million dollars. In October, the figure rose to 288 million, but after this month sales came down. In February 2009, sales reached its lowest level, sinking below $ 100 million. Then, in March, sales increased again, reaching 247 million dollars.

     $ 14.5 billion in 6.5 years
    Since 2003 (the year of adoption of the law on sale of real estate to foreigners), the total real estate sales to foreigners amounted to 14.5 billion dollars.
 
     Since 2003 sales volume increased every year. 2003 - $ 1 billion 2004 - $ 1.3 billion, 2005 - $ 1.8 billion in the period 2006 - 2008 annual sales were near the $ 3 billion.

    The study notes that falling sales mainly was affectted by the economic crisis in Europe led to a lowered demand. And also drawing attention to the “reluctance” with which the banks engaged in mortgage lending.


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