Yeni Safak – Topping the list of real estate investors from all over the world, Turkey’s glowing property market is projected to receive USD 10 billion in foreign investments in the medium term, according to the country’s leading sector body, the Association of Real Estate Investment Companies (GYODER).
“Foreign investments into Turkey in real estate purchases reached USD 720 million in the first quarter of 2013, increasing by 89 percent when compared with the same period of the last year.”, GYODER Deputy Chairman Isik Gokkaya said in a statement. “The lifting of the reciprocity principle is the main reason behind this surge.”, Gokkaya explained, forecasting real estate sales to foreign buyers of USD 3 billion in 2013.
Turkey lifted restrictions on property ownership by foreign buyers last year, opening the market to investors from Russia, the Arab world, and Southeast Asia. Residency permits are also granted to investors acquiring property in Turkey.
“Turkey received USD 2.6 billion of foreign investments in real estate purchases last year, up 31 percent from 2011. We expect this figure to reach USD 3 billion this year with about 10,000 to 12,000 immovables being acquired by foreign nationals.”, GYODER Deputy Chairman said. Reflecting his views on the medium-long term goals of the sector, Gokkaya said that an annual inflow of USD 10 billion in foreign real estate acquisitions was possible with the improved legislation and regulations.
“Turkish developers have opened offices abroad to market their projects. There is great interest in Turkish projects in Russia, Qatar, Saudi Arabia, Iran, Turkic republics, Azerbaijan, U.A.E and other Arab countries.”, Gokkaya noted.