Giant inflation and continued flight of foreigners from Türkiye

According to the international group Tasnim news agency, until two years ago , the work and business of brokers and intermediaries active in selling property to foreigners in Turkey had a high boom. Because tens of thousands of people from different countries of the world bought a property worth 250 thousand dollars in Turkey and obtained the right of citizenship of this country. They added real estate sales and presented Turkey as a country as if it had nothing else but gardens and beaches and love stories!

When the Turkish authorities welcomed Foreign nationals met, they increased the purchase amount of the property to four hundred thousand dollars. But it was still welcomed and unfortunately, some Iranian citizens, along with Russians and Iraqis, broke the record of buying property in Turkey. Everyone thought that prosperity and glory fell on the housing market. But only after two years, its negative consequences became apparent and a situation emerged that with the increase in property prices, Turkish citizens are no longer able to buy houses.

Foreigners are leaving Turkey in droves

The main condition for granting citizenship rights against the purchase of property is that the buyer after purchase property and receiving the right of citizenship, he cannot sell it and he can only do so if he buys another property in Turkey with the same money and the said wealth does not leave this country.

Of course, for those who were looking for a temporary stay of 5 years, the easy condition of buying a property of 70 thousand dollars was considered. But now they have changed the same law and raised its floor from 70,000 dollars to 200,000 dollars! It increased 400 thousand dollars, one American dollar was equal to 14 Turkish liras. But now the dollar has reached 29 lira, which is really an astronomical figure, and now with 400 thousand dollars, you can definitely buy a good and newly built apartment in district one of Tehran, the total cost of charging, gas and electricity is even less than a tenth of the equivalent cost. In Turkey, it is lower.

Erdogan government thought that foreigners are willing to accept the price of 450 thousand dollars. But now the page has turned and we are witnessing a different situation. Until just a few years ago, nationals of many countries overtook each other to buy property in Turkey, but now a situation has arisen where foreigners fed up with inflation are leaving this country in droves.

Antalya is the center of attracting foreign tourists, especially Russians, and the residential complexes of this metropolis have brought many foreigners to this city. But in the last one year, intense migration caused a sudden increase in rent and housing prices in the region, and the reverse migration has started for several months. , the number of foreigners who left Antalya in the last four months exceeded 17 thousand people. Cost of citizenship and difficulty in obtaining residence.

Decreasing housing sales to foreigners in Turkey

Housing sales to foreigners decreased by 42% in September this year and was limited to 2,930 houses. During this period, the share of sales to foreigners was 2.9% of the total housing sales. The provinces with the highest number of housing sales to foreigners were Antalya, Istanbul and Mersin, respectively. Housing sales to foreigners decreased by 43.5% between December last year and September this year, and only 28,64 residential units were sold to foreigners.

According to the data of the Immigration Management Department Antalya, the number of foreigners with residence permits in this province, which was 148,597 on June 22, 2023, decreased to 131,659 on October 26, 2023.

Accordingly, while 17,000 foreigners with residence permits left Antalya in just 4 months, the number of those who left Turkey since the beginning of this year reached 25,000.

Ali Bahar The head of the Antalya Chamber of Commerce and Industry (ATSO) said: The number of foreigners living in Antalya will decrease by approximately 10 percent in 2023 compared to the previous year. Even they cannot afford the cost of living in Turkey. Rent increase has become a big problem for foreigners living in Antalya. Rents in Antalya have risen above the Turkish average in recent years. The cost of basic needs for resident aliens has increased and is a reason for reverse migration.

Also, the number of foreign-funded companies in Antalya has decreased. Antalya received many immigrants after March 2022 AD and Russia’s attack on Ukraine. The number of 266 foreign companies opened in a 5-month period this year is less than last year.

It should not be forgotten that the main reason for the sharp increase in the number of foreign companies last year was the Russian war. And it was Ukraine. While the sale of housing to foreigners in 9 months of this year was 10 thousand 372, this figure was 14 thousand 656 in the same period last year.

Those living in Antalya are those Russian families who have sons of military age and do not want to return to their country! The Russians entered the market of buying and renting real estate in Antalya, creating a huge bubble. But now they don’t come anymore. Things got worse for us, and rents and sales of housing began to return to real figures. It had increased by about 25 thousand liras, now it has reached below 17 thousand liras. Because foreigners do not want to stay and leave Turkey. We have problems not only in the rental sector, but also in sales, and the sale of housing to foreigners has a decreasing trend.

At the end, it should be noted that contrary to the imagination of many people who have clear information They don’t have anything about Turkey, and contrary to the content advertised in satellite TV ads, Turkey is not a paradise for a quiet and cheap life.

The price of items such as liquid gas, gasoline, food, And transportation, education and health, even in remote provinces of Turkey, are several times the cost of living in Tehran.

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