Emlak Kulisi, a Turkish construction and real estate publication, reports a sharp increase in demand for Turkish housing among Chinese investors. Most of the transactions with buyers from China are carried out online. Apartments in Istanbul are the most popular options among Chinese investors (popular areas include Beykoz, Maslak, Umranie). Most often, the Chinese buy 2+1 and 3+1 apartments.
Foreign property buyers have the opportunity to remotely select real estate in Turkey using the interactive three-dimensional platform CuEngine, on which Turkish construction companies and real estate agencies publish their properties.
Adil Yaman, CEO of CuEngine Turkey: “Online apartment sales in Turkey have significantly grown during the coronavirus pandemic. Being not able to fly to Turkey, foreign investors use the opportunity to study projects online, apply for booking a property and transaction registration, as well as remotely apply for a residence permit or citizenship. To make a remote property transaction, a buyer sends a power of attorney addressed to his agent, and then safely becomes the owner of an apartment in Turkey without visiting the country."
Why did the Chinese start buying real estate in Turkey? The main reason according to the experts is the opportunity to get Turkish citizenship for the whole family at the simplified terms. With a Turkish passport, the Chinese can easily obtain visas to European countries and the United States. Therefore, the experts expect that in the next couple of years, the demand for real estate in Turkey among Chinese residents will only grow.
However, the Chinese, who do not plan to move to Turkey and obtain Turkish citizenship, are also willingly investing in Turkish housing today: they often buy two or three small apartments at once. Important factors attracting buyers from the Middle Kingdom are the cost of real estate in Turkey and the dynamic rise in apartment prices (Turkey today leads the rating of countries with the highest growth rate of property prices). Money for which you can buy new, modern Turkish luxury housing by the sea is enough only for a modest room on the outskirts of the city in China.