The real estate sector, which is considered a safe haven by many small investors, has capitalized on the opportunity created by rising exchange rates.
Gökhan Taş, the Regional Chairman of Turkey Coldwell Banker, emphasized that sales in the real estate sector have not declined despite the rise in interest rates in the sector and said those who invested their savings in the dollar have been generating good profits. Taş stated that those possessing a large amount of dollars are inclined to convert these savings into Turkish lira and invest them in the real estate when the exchange rate is on the rise. Due to the appreciation of the dollar, investors can buy two houses instead of one, Taş explained, adding that the number of house title deeds obtained reached a record high in 2014 and continued climbing until April 2015, but fell before the June 7 elections.
Underscoring that markets will recover after the Nov.1 elections, Taş said he expects the real estate sector to enjoy more growth in the upcoming months. Taş advised those willing to invest in real estate to buy small houses that can appeal to everyone and therefore can be easily sold. Istanbul is always at the heart of the real estate sector, but real estate goods in Bursa and Balıkesir will gain more value in the future, he added.
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