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The Effect of Citizenship Decree on the Turkish Real-Estate and Lira

: 2017-01-14

The Effect of Citizenship Decree on the Turkish Real-Estate and Lira
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Turkish lira has slumped more than 10 percent against the dollar in the first 12 day of this year, on top of 17 percent decline in 2016, but it is expected to recover after designation of the new law which will also increase properties sales in Turkey.

 The Turkish economist Ugur Civelek said that "The excess supply in the real-estate market creates vulnerabilities in the country's financial sector. The real estate's share in total bank loans is very large and keeps on increasing. A sharp fall in the real-estate business might push Turkish economy into debris,".

He has expressed that the Turkish government has sought to use the new citizenship offer at a time where the Turkish lira is witnessing a decline just to raise the sales for foreigners.

“With this important step, Turkey is seeking to attract more foreign financial resources which it’s lacking and reducing the surplus in the real-estate” he added.

“In term of Foreign currency, real estate prices have diminished significantly due to the fall of the lira, and the expectations are to attract demand in this environment” he said.

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