TURKISH REAL ESTATE: CRISIS OR NEW OPPORTUNITIES?

3/28/2024

An RT correspondent met with professional realtor and owner of "Property in Antalya" company, Maria Sinopalnikova, to shed light on the current real estate market situation in Turkey and asked a series of questions, the answers to which RusTurkey.com offers to its readers.

RT: How do you assess the current state of the real estate market in Turkey?

Maria: The current situation in the Turkish real estate market is complex. Stagnation, caused by changes in the issuance policy of residence permits and an increase in mortgage rates, has led to a decrease in demand, both from foreigners and locals. This has put pressure on prices, which in turn has led to more moderate property valuations.

RT: How might the municipal elections scheduled for March 31 of this year affect the real estate market? Do you expect any changes in legislation or economic policy after the elections?

Maria: Municipal elections could lead to changes in the economic and political environment. Not only the real estate market but also the construction sector, which employs many citizens and involves significant investments, is in a state of stagnation. This gives reason to believe that measures will be taken by the authorities to revitalize the sector. For example, reducing real estate lending rates could stimulate the market. However, accurate forecasts are difficult, as much will depend on the chosen political course.

RT: What opportunities may arise for foreign investors in the current market situation?

Maria: The current situation may offer unique opportunities for foreign investors. Lower property prices create opportunities for purchases at more favorable prices. Also, stagnation has already led to an increase in the number of properties on the market, offering more options to choose from.

RT: What strategies would you recommend for potential investors in the current conditions?

Maria: Investors should consider long-term investments in quality real estate in attractive locations. It is also important to take into account the potential recovery of the market after stagnation. Additionally, I recommend paying attention to developing areas and projects that may offer higher returns as the economic situation improves.

RT: What risks should be considered when investing in Turkish real estate at the moment, and how can these risks be minimized?

Maria: Key risks include possible further deterioration of the economic situation and changes in legislation. To minimize risks, it is important to conduct a thorough market analysis, including legal due diligence of the property, and seek assistance from experienced real estate professionals.