Why buying property in Turkey is and should be attractive for foreigners?
It is reported that despite the global crisis in economy Turkey’s performance in the construction and real estate sectors was marked to be quite satisfactory.
In fact reports say property sales to foreign buyers were up by 23.8% in October 2015 compared to the same month of previous year. At the end of 2015 the sector celebrated another record regarding the performance of the country in construction and sales of real estate.
The interesting part is Turkey has almost always been very attractive for buyers with a lot money from the Gulf area. Turkish companies or other global real estate firms operating in the Turkish property sector participated several exhibitions or trade shows in 2015. Among those events Cityscape Global Real Estate Expo in Dubai is known to be of prominent importance.
5o Turkish firms were reported to have participated in said event last September among which Turkey Homes was included. In regards to his observation and evaluation of the exhibition Tolga Ertukel the founder of Turkey Homes comments as follows:
“We all witnessed a growing interest from Middle Eastern buyers. We had lots of inquiries at the expo from people interested to buy a holiday home in Istanbul mainly and/or the resorts along the Aegean or the Mediterranean coasts.”
Offical reports also say buyers from Iraq account for 19.6 percent of the whole property sales which is followed by those from Saudi Arabia with 13,3 percent and Kuwait by 11,1 percent. Judging on these figures experts comment that the number of Arab tourists has almost doubled in number since 2010.
As for interest from the UK region, it is easily observed that British buyers have substantially contributed to the increase in property sales in Turkey.
In reply to a question “why property in Turkey is and should be interesting for British buyers” Tolga Ertukel of Turkey Homes comments as follows
“Although Turkey was affected by the property crash, the rate of recovery was much faster than much of the world, predominately caused by a young, energetic population and an undersupply of homes. The healthy rate of property appreciation is expected to continue but when you compare the vibrant city of Istanbul to other cities, property prices are a real bargain.
On the other hand recent changes in rules governing property ownership have also made buying property in Turkey much more appealing to foreigners. The ‘reciprocity principle’ means foreigners can purchase freehold land and property in their own names in Turkey providing that Turkish citizens are allowed to buy freehold land and property in the purchaser’s country of origin of residence. This includes most of Europe and the Middle East.
There’s not many places in the world where you can have a seafront apartment for less than £100,000 or a swanky city apartment if you are not a millionaire. Turkey really does offer something for everyone; a wonderful climate, friendly locals and a fantastic lifestyle.”
OFFICIAL WEBPAGE FOR TURKEY HOMES
Editor
