Why did property prices in Turkey skyrocket?

The rapid rise in property prices around the world has been observed since 2020. At the same time, the regions demonstrate different rates - in 18 countries the rise in prices for the second quarter of 2021 (annual indicator) exceeded 10%. Turkey has been the leader of this rating for the last six quarters. Here the increase in prices was 29.2%.

What might be the reasons for such an increase?

The main reason for the rise in value is the rapid rise in demand. It is stimulated by such factors:

• availability of a preferential mortgage program for local residents;
• ease of processing transactions for foreign buyers;
• high profitability, allowing one to get a considerable profit in a short time.

In addition, for the purchase of housing in Turkey one can obtain a residence permit. For many foreign investors is one of the deciding factors.