TURKEY ATTRACTS INVESTMENT TO FUEL REAL ESTATE BOOM
Turkey aims to attract further investment to continue growth in its property sector according to news agency Bloomberg.
The Turkish government expects to attract at least $10 billion in investment in the sector each year, which is already looking healthy due to continued increases in property prices that are currently over 10 percent compared to this period last year. Current investment in the sector is $2.5 billion annually.
Members of the Turkish Association of Real Estate Investment Trust (GYODER) held meetings with bankers, real estate brokers, investors and asset managers in London and there are similar meetings planned in Qatar, Malaysia and Singapore to help attract investment in the Turkish property market from Europe, Asia and the Gulf.
The move comes after a recent change in Turkey’s visa law that allows investors from an additional 194 countries to buy property in Turkey. Previously nationals from countries where Turkish citizens were prevented from buying property could not invest in the Turkish property market. The new ruling will open the doors to investment and the option of second homes to many countries including the wealthy oil-rich Gulf States, China and Russia.
Kamil Eren, Turkish businessman and former chairman of the Saudi-Turkish Business Council commented: “Let us open our door now for land development, real estate projects and other investment projects such as agriculture.”
Turkey is a country full of opportunity with its booming real estate market. The industry expects market volume to reach 69.8 billion by the end of the year and with large market segments still untapped, investors are keen to get a slice of the action. 2013 is going to be a promising year for Turkey.
Source: Bloomberg, Arab News