The Turkish real estate market is seeing a large amount of foreign investment since a new real estate law made it easier for non-Turkish citizens to purchase property.

Since the forming of the Turkish republic the country’s property market has seen its biggest influx in foreign buyers, with sales reaching $1.1 billion in May alone. The figure is four times bigger than the entire amount of sales in 2011 and is expected to keep rising at a fast pace.

The new Turkish real estate law has eased restrictions applied to foreign investors and the increased investment into the country has provided another boost to the economy.

Nazmi Durbakayım, President of the Istanbul Contractors Association said that the recent rise in Turkish property sales can be fully accredited to the new real estate law, adding that it has created a big opportunity for European investors.

This statement is backed up by the figure between January and April this year, which saw sales to foreign investors reach $114 million. The jump to $1.1 billion achieved in the month of May proves the new law has complemented Turkey’s property market.

When the law was passed experts predicted an investment of around $20 billion over the next two years, which in relation to the impressive sales figure in May is certainly achievable. The rise in investment is also seeing property prices increasing, which is further aiding the Turkish economy.

With more tourists now visiting the country and an increased number of property investors being able to buy real estate, Turkey is certainly going in the right direction for a booming economy.

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Source: Hurriyet Daily News