In 2020, when the epidemic is raging, Turkey's housing prices are ranking first in the world with a soaring rate of 30.3%.
In 2021, Turkish house prices continue to lead the world:
Knight Frank, an internationally renowned real estate consultancy, recently released the Q2 Global House Price Index Report for 2021. The data shows that: Turkey's house price increase once again topped the global house price increase list, as high as 29.2%, which is more than three times the global average!
When the economy is in retrograde, housing prices are leading the rise, why is Turkey?
1. Pursuit of overseas investors
According to data from the Turkish National Bureau of Statistics:
From January to October this year, foreigners purchased 43,372 residential units, an increase of 38% over the same period last year.
Among them, foreign real estate sales in September reached 6,630 units, a year-on-year increase of 25.8%, the largest monthly increase in foreign property purchases since 2013.
List of the number of foreign investment in Turkish real estate in the past three years
It is reported that Turkey is expected to sell nearly 7.5 billion U.S. dollars of real estate to foreigners this year, making it one of the top ten in the world.
2. Housing prices and real estate sales "double up"
According to data from the Turkish Statistics Agency (TurkStat), there were 137,401 housing transactions in October, and sales increased by 15% year-on-year! It is the boom in the real estate transaction market that stimulates and promotes the skyrocketing of local housing prices.
Istanbul has the highest share of housing sales, with 26,041 units sold, accounting for 19%. At the same time, it has the largest share in the sales of foreign buyers, with a total of 2,464 sets, accounting for 41.8%.
Since the end of 2018, Turkish real estate prices have begun their magical course of crazy increases. Even in 2020, the new crown epidemic rages and the depreciation of the lira, Turkish house prices continue to rise for four consecutive quarters, and the fourth quarter also increased by 30.3%. Topped the list!
After entering 2021, Turkey's continued hot housing prices have not yet fallen, and they have still topped the list of global housing prices in the first and second quarters.
3. Good economic growth
In the global economy, Turkey is one of the few countries that can track high positive investments.
Among the G20 countries in 2020, Turkey and China are the only countries that have achieved positive GDP growth.
In the first quarter of 2021, the GDP growth rate was 7.2%, and in the second quarter it jumped to 21.7%, the highest growth rate in a single quarter since 1999.
In the new issue of the "Europe and Central Asia Regional Economic Report", the World Bank raised Turkey's 2021 GDP growth forecast from 5% to 8.5%. Subsequently, JP Morgan Chase and Goldman Sachs both raised their economic growth expectations in Turkey.
It is worth mentioning that since 2002, Turkey's annual GDP growth rate has exceeded 5%, and it has always been one of the ideal countries in the eyes of foreign investors.
4. The demographic dividend has just begun
Some people say that there is a formula for real estate investment: look at policies in the short-term, position in the medium-term, and population in the long-term!
According to statistics from the Turkish Statistical Office, the population of Turkey maintains an annual growth rate of 1.5%, and it is estimated that the population will reach 86.9 million in 2023, and it will exceed 1.3 million by 2040!
Moreover, Turkey’s demographic structure is younger, with the population under 30 accounting for almost 50% of the country’s population. Most of these people are highly educated and have a huge demand for high-quality real estate.
The enthusiasm of the Turkish domestic real estate market is unabated, and housing prices have led the world in price growth. What is even more surprising is that the whole family can apply for a Turkish passport from a major European country when buying Turkish real estate starting at $250,000.
No need for investors to go abroad, you can enjoy the double protection of "real estate + identity", supplemented by Turkish identity, it can also springboard the United Kingdom and the United States, and contribute to the education of your children. It is another excellent choice for your identity planning!
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