Companies go to Germany to sell homes to Turks

Increasing housing purchases by Turkish guest workers in European countries has led Turkish real estate companies to turn to Europe for customers. For this purpose, Evim Turkiye (My Home is Turkey) fairs have been initiated by Demiroren Media and ISTexpo Fuarcilik. More than 50 housing developers will participate in the fair in Dusseldorf, Germany, a region which is home to an estimated two million Turks, from February 8-10. The Ministry of Environment and Urban Planning, Emlak Konut GYO and the sector’s umbrella organizations support the My home Turkey Fair, in which making hot sales to Turkish guest workers will be offered to companies.

The Association of Real Estate and Real Estate Investment Companies (GYODER) President, Feyzullah Yetgin, said that laws governing accreditation, appraisal, vested rights and professional rights will be in place in order to avoid false results in the sales process. He added that $50 billion of housing in Turkey was sold to foreigners over 19 years and they expect to increase that exponentially. Teknik Yapi President Nazmi Durbakayim said that due to the appreciation in foreign exchange, Turkish guest workers in Europe are eager to buy properties in their home countries again.

Sur Yapi and Association of Housing Developers and Investors (KONUTDER) President, Altan Elmas, said that the rate of price increases in Turkey decreased relatively and an advantageous period for foreigners started due to the turbulence in the currency. “We are at a point where we make one-third of our sales to either foreigners or Turks living abroad. Towards the end of this year, housing sales surpassed 6,000 with the VAT exemption for foreigners, reduced limits on citizenship and the increase in the value of foreign currency. We expect to close this year with $6 billion in sales.