Turkish property sales to foreigners jumped nearly 50% to a record level in November

Despite skyrocketing inflation and considerable condemnation from economists and opposition MPs, President Tayyip Erdogan has approved drastic interest rate cuts to bolster his new program that emphasizes exports and credit.

According to figures released in December, Turkish property sales to foreigners increased by nearly 50% to a new high in November, bringing in billions of dollars in foreign currencies as the lira fell, making purchases much cheaper for those paying in hard currency.

In November, 7,363 residences were sold to foreigners, the highest monthly total since the data series began in 2013. Iranians were by far the most common foreign buyers, followed by Iraqis and Russians.

Foreigner property sales have been high this year, gaining 39.4 percent in the first 11 months, despite total house sales falling 9.2 percent year over year.