Turks invested over 2.5 billion USD in the purchase of real estate abroad in 2024, according to official data cited by Daily Sabah. Forecasts for this year are that the amount will be even greater. The emphasis is on Dubai and Greece, where there are attractive "Golden Visa" programs.
"These programs allow people to travel freely. Neighboring Greece is quite attractive because for an investment of 250,000 EUR, they get access to all EU member states," commented Bayram Tekce, chairman of the board of the Association of Real Estate Services Exporters (GІGЕР). As for Dubai, the Turks are in 7th place among the largest investors in real estate in the emirate. Ahead of them are buyers from India, Great Britain, Russia, China, Pakistan and the USA. They are expected to climb to 5th position by the end of 2025. Investments made by Turks in Dubai in 2024 will generate rental income in the amount of USD 150 million.
In recent years, housing prices in our southern neighbor have increased significantly, which has worsened the return on such an investment. Turks have preferred to store their wealth in housing, not in the bank, precisely because of high inflation.
At the moment, the picture is such that foreign investors willing to invest their money in property in Turkey are decreasing, while the interest of Turkish investors in foreign markets is increasing. "To reverse this trend, processes for international investors, such as obtaining residence permits, electricity and water subscriptions, need to be streamlined. "Investor-friendly visa programs should also be developed," GIGDER believes.
The average amount that Turks spend on property abroad is 500,000 USD, with the most important factor for them being the income the property can generate from renting it out.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be seen HERE