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Turkish Construction Sector Competes with Europe

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Turkish Real Estate Sector
Nova Property

Real Estate in TurkeyExpatriates, who work abroad with the hope of returning home one day have started to redirect their savings to their home towns together with the great progress made in the real estate sector. Interior Architect Murat Altuntaş, stated that branded projects being built in almost every town of the country have also drawn the attention of expatriates, and said, “With the great strides it has taken, the construction sector in Turkey has reached the point where it is in competition with Europe. While the construction projects being built one after the other have changed the perception of homes within the country, this has also had an influence on the Turks living in Europe. Wishing to invest in their own country, expatriates are preferring housing projects, both for investment purposes, and in order to live in when the time comes for them to return.

Altuntaş stated that the record increase in foreign exchange rates against the Turkish Lira has also had an impact on the investments made by expatriates, and said, “It is possible to say that Turkish investors living abroad have profited from the increase in the exchange rates. That is because with this increase their savings have become even more valuable in Turkey. For instance, while they were able to buy a 2 bedroom home with 100 thousand euro savings before, now they can buy a 3 bedroom home for the same amount.”

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