Should one buy Turkish property during the collapse of the lira?

The economic situation that is now observed in Turkey cannot be called stable. Despite the fact that the cost of apartments, houses and villas in local currency is growing rapidly, in terms of dollars, euros or even rubles, prices are steadily declining. This is due, first of all, to the fall of the lira, which financial experts consider artificial. The local currency is expected to continue to decline in the near future, making real estate investment risky.

Despite the fact that it is now possible to buy housing in Turkey at a fairly favorable price, experts say that such investments run the risk of being unprofitable, since the cost may decrease at any time. However, in some cases, such a purchase can be considered profitable:

• if housing is bought for moving to permanent residence or for recreation;
• if the purpose of the purchase is to obtain a residence permit and citizenship.

Secured housing - a way to save money

Another option for those who want to buy housing in Turkey at a great price is to buy one of the collateral objects that banks are currently selling. Due to the difficult economic situation, many Turkish borrowers were unable to cope with mortgage loans. In this regard, the housing they bought was confiscated for non-payment of the mortgage. For this reason banks have suffered serious losses, so they were forced to put up real estate objects for sale at a reduced price. Now there are a lot of such proposals. They can be used by both local and foreign investors. Thus, one can buy a house by the sea, an apartment in a popular area or even a villa, saving a lot of money.