Turkish Furniture Industry is on the Rise Thanks to Turkish Citizenship by Investment Program

It is no secret that Turkey has a very successful Citizenship by Investment Program. It brought a lot of foreign investors to the country, some of which apparently interested in living here full time as the Turkish furniture industry reports record sales to foreigners even during such an economic downturn. 

The New Program Conditions are a Great Help

Turkish Citizenship by Investment Program used to ask for an investment of one million dollars in Turkish real estate as a criteria but that was lowered to a more manageable 250.000 dollars in 2018. This allowed many more foreign investors to seek a Golden Visa in Turkey.  More investors meant more house sales, and more houses required more furniture so the decrease in the price of the Turkish citizenship by investment program caused an increase in the actual revenues of the Turkish furniture sellers which means that the program did end up helping out the Turkish economy quite a bit. 

There is a Huge Increase in the Number of Houses that are Sold

The drop in the price of the Turkish citizenship by investment program increased the number of houses that are sold to foreigners. Over 24000 houses were sold to the foreign investors in the first 7 months of 2019. This is a 64.5 increase over the figure that was observed in the same period last year. It is expected that due to the lira losing even more of its value there will be even more investors looking to buy some Turkish real estate soon, upping these numbers even further. 

Turkish Furniture Industry is Having a Great Year Thanks to These Sales

Furniture and real estate go hand in hand. More houses mean more demand for furniture to fill those houses with. That is why the recent increase in the amount of real estate sold in Turkey translated to about 20 percent increase in furniture sales in the country. That is a huge figure especially given the fact that the economy of Turkey does not really permit its own citizens to buy as much as they could before. Which means that, technically, the increase in the amount of sales that is generated by foreigners is way more than 20 percent as first they make up for the loss of sales due to the crisis in the country, and then they buy even more to increase the final sales of the industry.