Please see a selection of the most relevant news in the real estate market of the Republic of Turkey in our daily digest.
The height of the summer season coincided with the roaring demand in both tourist and housing markets. On the first day of the national holidays, the Antalya Airport set a new record, having received 1,034 aircrafts over 24 hours. There are many direct flights from other countries to Bodrum, Dalaman, Antalya, Istanbul, and other Turkish cities, making it easier for foreigners to select a home to purchase.
And they are acting on this opportunity to the utmost: in June, the number of apartments and houses sold to foreigners almost doubled compared to June 2021. Specifically, Russian nationals bought more residential property in Turkey from February to May than citizens of any other country, even though housing prices are growing in Turkey faster than in all other European countries, as confirmed by a recent study.
Local residents complain that unlike foreign investors, they can hardly afford owning a home: the value is prohibitive compared to their income. A potential solution is purchasing standard factory-made houses that became more expensive but are still more or less affordable. Updated rates for this property type were published a few days ago.
People who cannot afford even these have to rent, sometimes with roommates. Real estate agents issue warnings against fraudsters who have energized and are prone to exploit the current situation with the roaring demand in the market of rental apartments.