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Turkey records rising number of foreign purchases and prepares for international property expo

Posted on 17 February 2015

Turkey’s popularity with overseas investors and visitors is as strong as ever, according to new figures that show year-on-year rises in the total number of tourists and property purchases by non-residents there in 2014.

Foreign property purchases increased by a staggering 55.6 per cent in last year compared to 2013, namely from 12,181 to 18,959 in 2014, according to the Turkey’s Statistical Institute, TurkStat.

At the same time, TurkStat revealed that the number of foreign visitors to Turkey rose 5.6 per cent year-on-year in 2014, with a total of 41.4 million tourists coming to the country. Tourism revenue there was up by 6.2 per cent, reaching $34.4 billion in 2014.

The destination that attracts most foreign property-buyer is the Mediterranean city and province of Antalya in the south-west of Turkey, where 34.5 per cent of all overseas purchases occurred. Istanbul’s 29.4 per cent share made it the second favourite place for foreigners to buy. In value terms, real estate purchases by foreigners reached $3.7 billion in the first 11 months of 2014, representing a 35 per cent hike over the same period in 2013. Analysts are predicting such growth to continue, thanks to the increasing number of foreigner-friendly developments and projects being built in Turkey.

In Antalya, the area of Konyaalti is popular with foreign investors, thanks to its beachside location, good access to the city centre and selection of well equipped developments. There are plans to build a marina development called the Bogacagi project. This will involve the extension of Konyaalti Beach to create a large in-land marina community, catering to luxury yacht owners. Regarded as one of the most exciting developments in Antalya in recent years, Bogacagi is expected to raise the international status of Konyaalti even higher.

Meanwhile, Turkey’s property sector can look forward to being in the global spotlight at one of the world’s leading property exhibitions, after confirmation there will be a Turkish Pavilion at MIPIM, which takes place in Cannes on the French Riviera in March.

A number of Turkish cities, including Istanbul, Ankara, Antalya and Balikesir, and a selection of property projects geared toward international investors will be showcased there. Istanbul and its major infrastructure projects, including the new airport, financial district, and bridges and tunnels over and beneath the Bosphorus will be a particular focus.
Turkey’s presence at MIPIM, which takes place from 13th to 15th March, is being organised through the Investment Support and Promotion Agency of Turkey (ISPAT), alongside several Turkish developers and construction companies. Turkey was recognized as the “Country of Honour” at MIPIM in 2013 and 2014.

They will be hoping that Turkey will catch the eye of some of the heavyweight international asset managers and institutional investors who will be attending the event. These include Aberdeen Asset Management (UK), AXA Real Estate (France), Aviva Investors (UK);  banks such as Union Investment Real Estate (Germany) and ING (Netherlands); insurance companies such as Generali (Italy) and Allianz Real Estate (Germany); and sovereign wealth and pension funds including Abu Dhabi Investment Authority (Abu Dhabi), GIC Real Estate International (Singapore), Korean Investment Corporation (Korea), Qatar Investment Authority (Qatar) and the Teacher Retirement System of Texas (USA).

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