Recent reports indicate that foreign buyers are no longer purchasing properties in Edirne, Turkey’s border city opening up to Europe, as they did in previous years. Following the real estate boom triggered by the Hatay earthquake and the involvement of foreign buyers, property sales, especially in Edirne, had reached a peak, and prices soared dramatically.
According to statistics, in 2023, 278 properties were sold to foreign buyers from countries such as Greece, the USA, China, France, Iran, and Russia. However, this number has dropped to under 20 in 2024, which has caught attention.
STRONG SALES IN FIRST HALF OF 2023
Some local real estate experts attribute the decline in property sales to rising costs and increasing property prices. They stated, “Sales were very strong in the first half of 2023, especially with bulk purchases. However, as property prices in Turkey increased, sales began to slow down. Purchasing power declined, and foreign investors became more cautious.”
These experts also note that one of the main reasons for the slowdown in foreign property sales is the stable exchange rate over the past year. “During the first half of 2024, especially Greek and Bulgarian buyers continued their shopping in Edirne. The Euro and Lev were gaining value, which affected their purchases. However, with rising property prices and costs, and no significant change in the exchange rate, this has negatively impacted buyers’ purchasing power,” they added.
Additionally, it is highlighted that the stability of the exchange rate has affected not only property sales but also other commercial sectors. “For about a year, the Bulgarian Lev has been fluctuating between 18 and 18.50 Turkish Liras. After this exchange rate stabilization, a decrease in purchases has been observed not only in real estate but in other consumer goods as well. This situation has become a significant factor affecting the overall economic climate,” the experts concluded.
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