Research shows foreign investors flocking to Turkish property
Turkey is attracting an increasing number of foreign property investors since the nation’s government revealed that foreign house buyers will be able to receive longer residency permits and as it hopes to ease visa and residency permit restrictions.
According to research carried out by property investment firm Colodarcy the number of foreign investors attracted to Turkish property has soared in the past few months.
“Property prices are still reasonable in Turkey by Western European standards. Apartments in Istanbul’s suburbs can still be purchased for less than £40,000, which could mean that investors who have yet to take the plunge lose out to those from other countries, if prices rise as predicted by double figures again this year,” Said Loxley McKenzie, Managing Director of Colordarcy.
The Turkish Ministry of Environment and Urban Planning says that up to 10,687 pieces of real estate have been sold to foreigners since the changes in property buying law came into force last year. German citizens have led the way in the number of properties bought with them buying up to 1,294 properties. In second place are British expats who have invested in 1,067 Turkish properties.
A large number of investors from the Gulf States have also been attracted by cheap Turkish property with those nations comprising the third biggest group of investors.
The best places for Expats to invest in are Istanbul with property prices expected to soar over the next few years. Now that the Turkish government has made it easier for foreigners to invest in the country now is the time for profit hungry investors to make their move.