Milliyet - Turkey’s property sector is bound to complete the year with a new record as housing purchases by foreigners went up by 59 percent year-on-year in the first 11 months, to exceed 17.000.
Provinces most preferred by foreign buyers for their investments are ranked as Antalya, Istanbul and Aydin respectively, with an average of 1500 monthly transactions between January and November.
The easing of the law which governs property purchases by foreign nationals in 2012, opened up Turkey’s booming real estate market to investors from Russia, the Arab world, and Southeast Asia. The country also grants residency permits to foreigners who acquire property.
Real estate purchases by foreigners in Turkey reached a volume of USD 3 billion in 2013. Recent data from the Central Bank of Turkey reveal that foreign direct investments in the form of property purchases have already hit USD 3.5 billion for this year in the first 10 months.