Evaluating the developments in the real estate market after the volatility in the foreign exchange market, Nevita Chairman of the Board Faruk Akbal said, “There is no logical explanation for the manipulative movement in the foreign exchange market. This foam in the exchange rates will create a new buying appetite in the real estate sector. For this reason, we expect a new and active period in housing sales with the stabilization of the exchange rates.”
Due to the fluctuation of foreign currency in the financial markets and the level of the exchange rate, Turkey is one of the markets where foreigners show the most interest in terms of housing investment.
Foreigners who want to invest in real estate, one of the most important financial instruments, by exchanging foreign currency, continue to show great interest in Turkey thanks to its geographical importance, potential to make premiums in terms of price / m², citizenship opportunities, and luxury living opportunities.
Evaluating the developments in the real estate market after the volatility in the foreign exchange market, Nevita Chairman of the Board Fuzul Akbal said, “There is no logical explanation for the manipulative movement in the foreign exchange market. This foam in the exchange rates will create a new buying appetite in the real estate sector. For this reason, we expect a new and active period in housing sales with the stabilization of the exchange rates.”
Cash Sales Increased by 17%
Drawing attention to the housing sales data announced by the Turkish Statistical Institute (TUIK), Faruk Akbal said, “In January-October 2021, bank loan house sales decreased by 60% to 209 thousand in 10 months, while sales realized through cash or campaigns within the construction company reached 876 thousand in 10 months. In other words, housing sales without bank loans increased by 17%. Housing sales to foreigners, on the other hand, increased by 38% in the first 10 months, reaching 43,372 units. This year, for the first time, it seems that the figure of 50 thousand will be exceeded in total.”
We Bring Foreign Currency to Turkey with Our 16 Billion Lira Portfolio
Underlining that one of the first choices of foreigners when buying real estate is luxury segment residences in Turkey, Akbal said, “Due to the recent movement of foreign exchange rates, we have entered a very busy period to meet the increasing interest of foreigners in the Turkish real estate market with our portfolio worth ₺16 billion. We are generating a significant amount of foreign currency inflow to our country by making sales to foreigners who want to invest in Turkey with more than 10 projects ranging from Onaltı Dokuz to Sea Pearl, from Mevsim İstanbul to Beyaz Park Topkap and we play a very important role in housing exports. Housing sales to foreigners is a valuable asset for our country in terms of incoming foreign currency. As Nevita, we are leading the sector with the best projects of the sector to provide this inflow.”
