Turkish house sales to foreigners hits record high

Property in Istanbul

More than 7000 Turkish properties were sold to foreigners in November, the highest number since records began.

As predicted by Property Turkey director Cameron Deggin, the slump in the Turkish currency acted like a green light for investors.

"The level of excitement is off the charts," Deggin said. "We are working double time to keep up with queries from buyers, especially from the Middle East."

Of the 7363 properties sold to foreign buyers in November, Iranians took the greatest share, followed by Iraqis and Russians.

The number, the greatest since records began in 2013, represented a 48% jump on the previous month, and 59% year on year, with buyers attracted to properties made cheaper in their own currency by the lira's slump.

Deggin said buyers were aware that the current buying climate was a temporary one.

"They're making hay while the sun shines," he explained. "No one has a crystal ball, but the lira has fluctuated hugely over the last few decades as the economy has continued to grow. Buyers who make the plunge now could be reaping the benefits quickly as the lira recovers."

The slide of the lira isn't great news for everyone. On Monday, the currency reached a record low of 14.99 against the US dollar, half the value it held at the beginning of the year.

The most popular place for buyers was Istanbul, with 2922 sales, followed by Antalya.


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