Posted on 13 October 2011
The fact that the Turkish property market is booming this year is in little doubt, but there is increasing evidence that even with its rapid growth of late, that it could still be accelerating further.
According to the latest data from the Turkish real estate investing partners association in conjunction with Reidin.com, Turkish property prices grew by 7.66% year on year this August. This is an acceleration on June and July when prices grew by 6.40% and 7.29% respectively. This follows growth of over 6% year on year each month this year.
The Turkish government is planning on expanding this growth further, by making it easier for foreigners to buy property in Turkey.
Currently only those people from countries where Turks can buy, can buy property in Turkey in the easiest way, anyone from countries where Turks can’t buy must go to the hassle of forming a company and buying through that. This includes people from many Arab countries, Russians and many other countries.
But now Turkey is considering a proposed bill aimed at ending the reciprocity law and allowing people from all countries to buy property in Turkey.
This would almost certainly boost sales to foreigners, which would, in turn almost certainly lead to further price increases. The biggest benefits would come from the Arab world. Right now, Turkey is the Arab’s favourite.
Maybe that is an overstatement, but Turkey’s stable democracy, low crime rate and environment of safety is in contrast with many Arab countries as they are pieced back together following the Arab Spring uprisings. For Arabs now choosing where to holiday and/or invest, and/or buy property, Turkey is certainly high on the shortlist — especially for those of them that favour Muslim countries.