Economic and political turmoil in Turkey is making many investors ‘rethink’ their strategy when it comes to investing in the country’s property market
Residential property prices in Turkey have increased significantly in recent years, fuelled by an expanding middle class with access to mortgage finance for the first time. But the military coup last year marked a monumental turning point in Turkey’s political history, and altered the attitude of many national and international property investors when it comes to investing in Turkey’s property market.
Worse still, the country has been subject to a number of terrorist attacks, with more than 300 people killed over the past 18 months.
Istanbul, home to almost 15 million people, is typically the destination of choice for many investors buying property in Turkey, with the average price of a home in the city having almost tripled between 2010 and 2017, according to Knight Frank.
But with the economy slowing, property prices look set to fall.
Firuz Soyuer of Pamir & Soyuer, an estate agency based in Istanbul, told the press: “Even before the coup, the stalling economy meant investors, both foreign and domestic, were rethinking Turkish property.”