Foreigners are Now Buying Secondary Real Estate As a Result of The

In Turkey, foreigners are still actively purchasing homes and flats. Additionally, foreign investors are moving away from new construction and toward secondary real estate, according to recently received statistics on the types of deals.

Hakan Budzhak, the CEO of Mars Investment, specifically discussed the observed decline in the number of contracts signed in the main market. Noting that a minor decline in the number of transactions has been experienced, particularly in the sector of new buildings, as a result of both the record rise in house prices and the increase in the financial “citizenship limit.”

The company’s chairman of the board of directors, Fatih Erguven, confirmed the information by noting that, in accordance with Mars Investment’s own sales statistics, one out of every three foreign buyers of homes in Turkey currently favors secondary real estate. The expert also noted a modest decline in interest from Middle Easterners, particularly Iran, the region’s former leader in terms of purchases; at the moment, Russia is regarded as the most prospective (promising in terms of actual transactions) market.

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