Development rates in regions attractive to foreign buyers are unsustainable, Yeniduzen reports.
Around 25 percent of properties in the Iskele are in the hands of foreign investors, which drive up the price of properties, making them unaffordable to locals who are paid in Turkish Lira. Infrastructure is also a subject of concern because currently, it is not adequate enough to serve the growing population.
Additionally, locals are feeling pushed out and strangers in their own land. The majority of investors in the region are Iranian and Russian.
Currently, the government has no data to show what percentage of real estate is sold to foreign investors, member of the board of Real Estate Agents’ Association, Hüseyin Sadeghi has said. He added that the majority of sales to foreigners are in Iskele, Esentepe and Tatlisu.
Sadeghi stated that the infrastructure is insufficient and touched upon the need for timely measures.
He asked if foreigners would want to stay in the long term if roads, public health services and schools were not improved.
Sadeghi also pointed out that foreign house sales were lucrative for the government as locals pay 3 percent tax purchase tax while foreigners pay 12 percent.
Meanwhile, Chairman of the Subcontractors Union, Osman Amca, stated that on the other hand, various problems began to arise in the development of the regions without infrastructure. Uncle said, “Serious planning is a must. If we allow these people to settle, we must create very good infrastructure. With the current system, this situation cannot be sustainable”.
