Posted on 03 September 2011
According to the estate agents in Turkey, rich Middle Eastern buyers are increasingly interested in expensive property by Istanbul’s Bosporus. The recent unrest in North Africa and the Middle East means that investors are viewing Turkey as being a safe haven, and are looking to buy luxurious waterfront villas and residences.
The number of buyers from the Middle East has been growing for the last few years, but growth has accelerated lately, and wealthy Arab buyers are paying anything from $2 million-$30 million for property on the shores of the Bosporus Strait. Other Arab investors are buying luxury residential property in central Istanbul, costing $250,000 upwards.
Middle Eastern buyers purchased some $10.6 billion worth of Turkish property in 2010, with the majority of sales taking place in Istanbul and the western and southern provinces. While Turkey is seen as a safe haven by Arab countries, it is also attractive due to the cultural and religious similarities between the two regions. Turkey’s continuing political stability and a strong economy also make it extremely appealing.
Recent reports have also indicated a huge upsurge in buyers from Russia and other markets in Eastern Europe. Demand from Russians is also heavily focussed on Istanbul, but is also spreading to markets like Marmaris and Alanya.