Algerians Buy Three-Room Apartments Worth $ 50.000 In Turkey

A large number of Algerians flock to the Turkish real estate market for the acquisition of real estate from apartments and villas there, which prices range from $ 50.000 for three-room apartments, and more than $ 1 million for villas and historic palaces, and this as a new haven to secure their money away from the dilemma of devaluation of the dinar, and erosion of the savings of a large number of owners of funds, after the former destination was Italy and Spain and, first of all Alicante city, head of the National Association of Real Estate Agents, Abdel Hakim Aouidat, told Echorouk.

“The dinar crisis and its devaluation during the last two years, in addition to the stagnation in the real estate market in Algeria since 2009, and the development of the situation during the last year, prompted the owners of funds to search for the transfer of their money to real estate in Turkey due to the attracting prices that are proposed there”.

“Most of the currency conversion to be able to conclude deals in Turkey pass through the black points for the conversion of hard currency, starting from Algiers Port Said Square market, through the rest of the black markets of hard currency, as the bank of Algeria already announced that it is impossible to eliminate it currently”.

On the other hand, despite the absolute projects in the housing sector, Aouidat predicted that the stagnation of the real estate market will continue in 2018, but this does not prevent the relative decline in prices after the launch of real estate projects, but the drop will not be large.

In the context, the director of the “Kora” website, Lotfi Ramdani, told Echorouk that the phenomenon of transferring funds from the dinar to the euro and the dollar for the acquisition of real estate in Turkey is carried out illegally and pass through the parallel market.

“Acquisition of apartments and villas in Istanbul and the rest of the Turkish cities has become one of the new steps that attract the owners of funds in Algeria, to invest their money away from the eyes of tax authorities here, but they will be obliged to pay high fees in Turkey”.

A report by the Statistics Department of Turkey showed an increase of 7.68% in the number of apartments that are sold in Turkey since the beginning of 2017 to foreigners until the end of last month, compared to the same period last year. 

The sale of real estate in Turkey during September 2017 increased by 4.75% compared to the same month of last year, as 12.198 apartments in Turkey were sold in a month.

Same report shows that the sale of residential apartments in Turkey for foreigners increased by 8.97% since the beginning of the same year, compared to the same period last year, where 13.005 apartments were sold in Turkey in the same period.