Perhaps the main event of the week was the entry into force of the new rules that regulate the work of realtors in Turkey. Since August 31, only licensed agencies have the right to sell or rent apartments in Turkey: realtors who advertise their properties on social networks without new permits will face heavy fines. The authorities hope that the new rules will help oust non-professionals and scam one-day agencies from the Turkish real estate market. What happened in the Turkish housing sector during the week? The top property news in English on Turk.Estate.
- At the end of the second quarter of 2020, Turkey was again named the country with the highest growth rate of property prices. In June, we already talked about the fact that apartments in Turkey are rising in price much faster than in other European countries, the growth in prices for Turkish housing in the first quarter of 2020 was a record 15 percent. In the second quarter, Turkey is again the world leader in apartment prices growth: with an 11.59 growth rate.
- Experts predict that the rise in property prices in Turkey will continue for the foreseeable future. The cost of new housing is directly affected by the increase in the costs of development companies. The growth rate of home sales in the first half of 2020 was 23.5 percent. At the same time, the growth of mortgage real estate sales amounted to a record 221 percent. Surprisingly, the share of sales of apartments in Turkey to foreigners fell to an insignificant 0.9 percent of the total. The specialized media named three main reasons for such a sharp decline in foreign buyers of Turkish housing.
- Turkish architects and designers shared their thoughts on how the coronavirus pandemic will change typical residential projects in Turkey.