Foreigners invested $2billion in Turkish property in the first half of 2014, a period that saw a 28 per cent hike in overall foreign direct investment (FDI) in Turkey compared to 2013.
FDI in Turkey between January and June was worth $6.8billion, according to data released by the Central Bank of the Republic of Turkey. Total FDI in 2013 was worth $12.9billion.
In June 2014 alone, $990million was invested in Turkey by foreigners, of which $416million comprised real estate purchases. Britons formed the largest group of foreign investors that month, bringing $464million into the country. The second largest group were the Dutch, whose Turkish investments were worth $149million.
Sector wise, wholesale and retail trade, valued at $407million, attracted the largest amount of FDI in June, followed by the chemical and pharmaceutical industry, which generated $164million.
This growth in FDI is encouraging for Turkey’s real estate market and should reassure foreigners considering an investment in the country, including purchasing property in Istanbul.
Meanwhile, Turkey’s Chief Advisor to the Prime Minister, Yigit Bulut, announced this week that the country’s economy remains in a much better condition than many European countries’ economies, growing 3.5 times over the last decade.
Bulut compared Turkey’s economic power to Europe, saying: “We have much better economic credentials compared to all European countries, with the exception of Germany. Italy’s public debt and GDP ratio is 114 per cent, while Spain’s is 120 per cent, France is at 110 per cent and Turkey 33 per cent. If Turkey continues to grow as it did over the last decade, a $2.4trillion Turkey will surface.”