PROPERTY INVESTORS TURN TO TURKEY FOR THEIR NEXT BUY
Turkey has been dubbed the new hotspot to buy overseas property as the country sees a sudden sharp rise in purchases from overseas property investors.
Turkey has performed beyond expectations in terms of growth, with overseas buyers looking to Turkey as the next big investment area.
The latest report by The Association of Real Estate Investment Companies (GYODER), has predicted that sales from overseas property investors are set to double in the next few years.
GYODER has revealed that the steep rise in interest for buying property across Turkey has seen transactions reaching its pre-crisis levels.
Işık Gökkaya, chairman of GYODER commented: “Between 2006 and 2008, property sales in Turkey to foreign nationals stood at $3 billion. In 2009, the figure retreated by $1.8 billion. But in 2010, such sales rose to $2.5 billion.”
Gökkaya believes the recent popularity in purchasing Turkish properties is a positive sign and will result in putting Turkey firmly on a property investor’s hit list.
What seems to be holding investors back is the reciprocity problem. As it stands at present, a foreign national is allowed to purchase a property in Turkey only if Turkish citizens can buy in that individual’s country.
The reciprocity difficulty is a hot topic amongst property professionals but this should not be taken as bad news. A hot debate will end in progress and could result in more doors being open to other countries who want to buy property in Turkey.
Gökkaya commented on the subject, believing if it is solved property sales in Turkey could double: “In 2010, real estate sales to foreign nationals rose by 40 percent, reaching $2.5 billion. Foreigners’ interest in and appetite for Turkish property continues to increase. If the reciprocity problem is solved, we think the figure may double.”
This is good news for Turkey, proving itself as a destination that appeals to people who want to invest whether it’s for a holiday home or a buy-to-rent property. Turkey’s future looks very bright.
Source – Global Edge