Turkey’s slumping housing market is getting some support from foreign property investors, especially from the Gulf region, who are drawn by the weak lira and a government effort to ease the path to Turkish citizenship.
Foreign housing investment jumped 82 percent in the first quarter of the year, according to government data, even as Turkey’s overall housing sales tumbled 24 percent in January and 18 percent in February as the economy settled into a recession.
Iranians, Iraqis and Saudis led those taking advantage of Turkey’s decision last year to slash an investment threshold for gaining citizenship to $250,000 from $1 million previously. The measure was aimed at keeping money flowing into an economy that was driven for years by a construction boom.
A 30 percent drop in the Turkish lira last year, and another 10 percent decline against the dollar so far in 2019, has also made it cheaper for foreign buyers.