About 80% of the Turkish population spoke in favor of a ban on the sale of housing to foreigners, so most likely soon the Russians, who have become the most active homebuyers in this country will tighten the screws. This was stated by Bloomberg experts.
The agency cites Metropoll survey data, according to which about 79% of Turkish citizens believe that the sale of housing to foreigners should be banned. It is noted that Turkey – primarily due to the Russians – has become one of the hottest housing markets in the world. As a result, foreign demand leads to higher prices and makes local real estate more affordable for citizens.
Experts note that Turkish citizens are urged to rely on international experience. So, in 2017, New Zealand banned foreigners from buying houses; Canada followed in 2022; demand similar measures to be introduced in Portugal. Earlier, Australia and Hong Kong also refused to purchase real estate for foreigners.
At the same time, as the agency notes, on the other hand, the purchase of real estate by foreigners is a source of much-needed foreign currency in Turkey. According to the Turkish Economic Policy Research Foundation, net real estate sales to foreigners reached $6.3 billion last year.
As Bloomberg adds, it is likely that Erdogan's opponents will use the “housing problem” in the upcoming elections . So Kemal Kilicdaroglu, a presidential candidate from the united opposition in the elections on May 14, promised in February to stop selling real estate to foreigners for five years or “until prices fall.”
Further, the agency cites statistics – the average for Turkey is about .5% of all home sales in 2022 were to foreigners. However, in large cities such as Antalya and Istanbul, this figure reaches 27%. And it was the Russians who topped the list of non-local buyers last year, buying about a quarter of all homes sold to foreigners.
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