Foreigners, including pensioners from the Netherlands, are increasingly buying property in Turkey. Last year, the number of home sales to foreigners increased by 60%! The low cost of living in the country and affordable real estate prices for Europeans are due to the depreciation of the Turkish lira, and the relative political stability of Turkey ensures the safety of life.
Inflation in the Republic of Turkey reaches 70%. The cost of acquiring housing also increases significantly, but this is subject to purchase for lira. The lira exchange rate against the euro has fallen significantly: at the moment, 1000 Turkish liras are worth about 57 euros. This state of affairs makes the purchase of Turkish property attractive to foreigners from countries with more stable currencies. Add to this the sea, the sun, the cheapness and safety of life. All this attracts European retirees, and interest in buying a second home in Turkey is growing.
In April 2022, 5% of the housing sold in Turkey was bought by foreigners, in March they "got" 4% of the apartments and houses sold. On an annualized basis, real estate sales to foreigners grew by 60%.
A significant part of Turkish real estate is acquired by Russians. In April 2022, they purchased 1100 houses and apartments, while in March, the Russians bought only 500 residential premises. Ukrainians are also actively acquiring housing in Turkey: the instability caused by the Russian-Ukrainian war is forcing the inhabitants of these countries to look for a "safe haven" abroad. There are many buyers from the countries of the Middle East: there are fewer restrictions on freedoms in Muslim Turkey than in more orthodox states.
The interest of Europeans is due to the cheapness of life. You can live more than decently on 1000 euros a month in Turkey, but even Turkish professors do not receive such a salary. 1 euro costs about 18 liras: with this money, for example, you can buy two shawarmas. Turkish realtors report that European (including Dutch) retirees often buy property as a second home to live in during the winter. Winters in Turkey are warmer than in the Netherlands.
Get information about real estate in the Netherlands on our Online.
Publication Date: 14.06.2022
