4/6/2011

Foreign investors flock to Turkish property market

Hurriyet Daily News - Turkey’s property sector has exceeded growth expectations on a surge in foreign purchases, according to a recent report by the Association of Real Estate Investment Companies (GYODER).

The association’s “Turkey and World Real Estate Sector Report” for the fourth quarter of 2010 was released at a press conference in Istanbul on Tuesday.

“As a whole, post-crisis normalization and growth went hand in hand in 2010,” said GYODER in a statement accompanying the report.

“Between 2006 and 2008, property sales to foreign nationals stood at USD 3 billion,” said Isik Gokkaya, Chairman of GYODER, at the conference, and added, “In 2009, the figure declined to USD 1.8 billion. However in 2010, such sales rose to USD 2.5 billion.” Gokkaya said the construction sector expanded 18 percent in 2010, also noting the rise in property loans.

The chairman recalled that Istanbul ranked at the top in February’s “Developing Trends in European Real Estate Markets” report by PricewaterhouseCoopers and the Urban Land Institute. “In 2010, real estate sales to foreign nationals rose by 40 percent, reaching USD 2.5 billion. Foreigners’ interest for Turkish property continues to increase,“ he added.
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