Turkish daily newspaper Sabah, Daily Sabah's sister paper, brought together leading representatives of the Turkish real estate sector and Turkish expats living in Germany for the second time in Cologne.
Following the first event in Berlin, the second event took place in Cologne's Hyatt Regency Hotel with large numbers of Turks looking to invest in Turkish real estate.
The real estate fair kicked off with the cooperation of Turkey's Environment and Urbanization Ministry. Turkish Consul General in Cologne Ceyhun Erciyes also visited the event and held discussions with the representatives of Turkish real estate firms.
Turkish citizens expressed their great interest in Turkey's real estate market at the first fair in Berlin. Investors stated that buying a real estate property from Turkey has become attractive due to the increase in the exchange rate.
The construction sector, which had hit bottom with the exchange rate volatility, undertook an unprecedented campaign. In the campaign involving hundreds of companies, housing loan interest rates were lowered to 0.98 percent in the 120-month term, from levels exceeding 2 percent previously. In the campaign, which will be valid until Oct. 31, the down payment rate was reduced to 10 percent. The most striking part of the campaign is that citizens were directed from foreign currency or gold to real estate. In case the down payment is deposited in foreign currency or gold, the central bank rate of that day will be taken into consideration.
Meanwhile, after the recent currency volatility, Turkey's real estate market has attracted more investments from foreigners. Property sales to foreigners in Turkey skyrocketed by 151.1 percent year-on-year in September, reaching 5,615 units, according to the Turkish Statistical Institute (TurkStat).