Can I Trust Turkish Economy with my Investment?
The lira has been on a fall compared to many of the western currencies since late 2012. At the time of this article, in September 2020, 1 Euro is equal to 8.83 Turkish Liras, and 1 USD is equal to 7.45 TRY. This huge difference attracts more people to the country every year. You can own the vacation home of your dreams on the beaches of the Aegean Sea in Turkey, rather than spending more in Spain or Italy, on the opposite end of the region. You can live in modern homes that are indistinguishable from five-star hotels. If you have saved up some money and looking for your dream house, you might find that massive villa in Istanbul or the rest of the country for a much more affordable price than your country of origin. In Istanbul nonetheless, where your home could face another continent.
The real estate market is one of the critical features of the economy. The real estate is rising fast day by day and it is helping the rise of the Turkish economy. There is an obvious increase in real estate projects in recent years. There are also numerous projects on the real estate market supported by the government to boost the economy. The support of the state help the people have their possession and help them have their dream houses. This expansion of the real estate market is the result of both native and foreign investor’s investments.
Since it is one of the few countries where the four seasons can be experienced all year round, many Turkish cities offer their complete beauty year around. Yet, megacities such as Istanbul is one of the few that enchants the visitor if the weather is relatively colder and windy. As the fall begins and the winter approaches, this 16 million population of a city transforms into a concrete, yet magical jungle. Just like its history, Istanbul has always been a harsh land. It has been through countless battles, conquests, and natural disasters that shaped its skyline. Cities like Marmaris, Izmir, Istanbul, and Bodrum benefit from the history and sea tourism, as well as the alive nightlife.
Lowest Interest Rates in the Country's History!
The mortgage loan packages introduced by the federal banks in Turkey at historically low-interest rates have brought along a record surge in housing loans, which saw an increase of around nearly $613 million. Brand-new homes will have up to 15 years of payment on mortgages, with interest rates as low as 0.64% and can have a no-payment period of 1 year. Meanwhile, the low equity-down payment rate starting at 10% will be applied for the use of financing. Turkey’s three largest federal lenders revealed four new credit packages in June to energize the transition to post-coronavirus normality and revive the economy.
There is an obvious increase in housing production in Turkey. Although there may be economic problems with the Turkish Lira, we have to The Turkish economy is growing silently. The real estate market's rise is the result of both native and foreign investor’s investments. The support of the state help the people have their possession and help them have their dream houses.
Turkey is the youngest country of Europe with a median age of 30 and they are looking to own a property. Domestic demand will continue to rise in 2020 since these young people also want to live in good houses. There are many affordable housing projects in western parts of Istanbul such as Beylikdüzü, Esenyurt, Bahçeşehir, or Büyükçekmece and these neighborhoods are closer to the main transportation hubs. The values of properties in these areas are expected to get higher because there won’t be any shortage of demand soon.
The real estate market in Turkey is expected to grow more in 2021 even so there are fewer permits to construction in comparison to previous years because demand keeps on growing both to luxury and affordable properties.