Turkey's construction sector was set in motion after the government last month reduced the limit for foreigners to acquire Turkish citizenship through real estate purchases to $250,000.
Daily Sabah's sister publication, the Sabah newspaper, has now rolled up its sleeves to bring together the country's major real estate companies and Turkish expats across Europe.
To that end, it is organizing an event at the Titanic Chaussee Hotel in Berlin, Germany, this weekend.
The program, supported by the Environment and Urban Planning Ministry, will see Turkey's biggest real estate investment trust Emlak Konut alongside some other real estate giants, including Sur Yapı, KİPTAŞ, Artaş, Nef, Teknik Yapı, Gap İnşaat and the Kuzu Group, showcase their projects. The three-day event will also provide investors with a chance to discover and discuss the opportunities in Turkey's real estate sector.
After Berlin, the event will travel to Cologne on Oct. 27 to Oct. 29.
The recent hike in the foreign exchange rate has made Turkey a more attractive option for foreigners and Turkish expats, giving them an opportunity to buy properties at favorable prices. In the first nine months of this year, property sales to foreigners saw a 58 percent year-on-year increase, from 15,241 to 24,155.
Turkey's construction sector has recently launched a new two-month discount campaign, which is expected to create momentum and boost housing sales. Many companies are involved in the initiative with numerous projects. Buyers in the campaign are getting a 10 percent discount on house prices with down payments reduced to 10 percent from 20 percent. The interest rate on real estate loans, which went as high as 2 percent, has been reduced to 0.98 percent with a 120-month payout option.
In addition, consumers will have to make an interim payment of 15 percent in the 12th and the 24th month. If buyers decide to make payments in gold or foreign currency, the price of an apartment will be adjusted according to the changes in the price of gold or foreign exchange. In addition to KİPTAŞ and Emlak Konut, GYODER, Housing Developers Association (KONUTDER) and Istanbul Construction Companies Association (INDER) are also participating in the campaign.