Interest in Turkish property is showing no signs of easing off in 2014, after data from the Turkey’s Ministry of Economy showed a record 42 per cent year-on-year increase in real estate purchases by foreign nationals during the first four months of the year.
Foreigners purchased real estate worth $1.26billion in Turkey between January and April this year, a considerable rise on the $893million recorded for the same period of last year.
For the whole of 2013, foreign property purchases in Turkey generated $3billion, representing a year-on-year hike of 15 per cent – not surprising given Turkey eased it laws regulating property ownership by non-nationals halfway through 2012.
Foreign direct investment (FDI) in Turkey during the first four months of 2014 was $5.1billion, representing a 46 per cent rise on the same period last year, with property purchases accounting for nearly 25 per cent of the total.
This appetite for Turkish property is supported by a leading property portal’s recent report. TheMoveChannel.com’s latest Investment Watch report finds that an apartment in Istanbul was the second most popular listing on the property portal in May 2014, the highest ranking Turkey has ever achieved. Figures show that property sales have remained consistently above 17,000 a month in Istanbul, which has by far the biggest sales figures of all Turkey’s major cities. The price of new homes in Istanbul has risen by more than one per cent a month on average since 2013 and the city is on course to again reach double figures by the end of 2014.